The S&P 500 closed just barely lower on Thursday, as a dive in industrial stocks and concerns about slowing global growth eclipsed gains in Facebook and Microsoft. The industrials sector fell 1.99 per cent with hefty drags from 3M, United Parcel Service and Raytheon Co after they reported disappointing results. Fedex Corp also slumped after UPS’s profit miss.
Amazon.com shares were up 1.7 per cent after the market closed after the company reported a first-quarter profit that topped estimates, although its second-quarter revenue forecast was largely below expectations. Intel Corp shares fell 7 per cent after the chip maker forecast current-quarter revenue below analysts’ estimates. But shares of Facebook and Microsoft Corp both jumped, rising 5.8 per cent and 3.3 per cent, respectively, after they reported better-than-expected results.
The S&P 500 has rallied 17 per cent so far this year, rebounding from a late-2018 slump, on hopes of a US-China trade deal, the Federal Reserve’s move to pause interest rate hikes and some better-than-expected earnings reports. The index ended the day 0.5 per cent below its late September record high. It has struggled to break above that level as investors await more positive catalysts.
The Dow Jones Industrial Average fell 134.97 points, or 0.51 per cent, to 26,462.08, the S&P 500 lost 1.08 points, or 0.04 per cent, to 2,926.17, and the Nasdaq Composite added 16.67 points, or 0.21 per cent, to 8,118.68.Morning-Market-Note-Friday-26th-April