· S&P 500 falls from a record ahead of big earnings, snaps a 5-day win streak
U.S. stocks fell for the first time in six days on Tuesday ahead of quarterly earnings reports from several megacap technology companies.
The S&P 500 declined nearly 0.5% to 4,401.46, led to the downside by consumer names, tech and energy. The broad equity benchmark dropped 1.1% at its session low. The Dow Jones Industrial Average fell 85.79 points, or 0.2%, to 35,058.52, after dropping as much as 266 points earlier. The Nasdaq Composite slid 1.2% to 14,660.58. The major averages all slipped from their respective records reached in the previous session, breaking their five-day winning streaks.
Shares of UPS tumbled roughly 7% as the shipping company’s domestic revenue came up shy of estimates. UPS beat on the top and bottom lines, however, as a surge in e-commerce orders continued.
Tesla erased earlier gains and fell 1.9% following a better-than-expected second-quarter earnings report. The electric vehicle maker passed $1 billion in quarterly net income for the first time.
The sell-off on Wall Street followed yet another day of heavy losses in Asian markets. The Hang Seng index dropped more than 4% Tuesday amid Beijing’s intensified crackdown on tech and education companies.
· European stocks close lower as investors watch earnings; Reckitt Benckiser down 8.4%
European markets closed lower on Tuesday as investors monitored corporate earnings, along with extreme weather and the spread of Covid-19 across the continent.
The pan-European Stoxx 600 ended the session down by 0.5%, with technology shares slumping 1.6% to lead losses as most sectors and major bourses dipped into the red.
Reference: CNBC
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