US stocks edge lower after busy round of earnings
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Traders work on the floor of the New York Stock Exchange, on July 22, 2024 in New York City.
PHOTO: AFP
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NEW YORK - Wall Street stocks finished a choppy session slightly lower on July 23 as investors assessed mixed earnings reports while monitoring the fast-changing US presidential contest.
Lockheed Martin, Spotify and Sherwin-Williams were among the companies to rally, while General Motors and UPS both fell on a busy day of second-quarter corporate results.
Briefing.com said of the overall muted market reaction that there was “not a lot of conviction” after a solid rally on July 22.
The Dow Jones Industrial Average ended down 0.1 per cent at 40,358.09.
The broad-based S&P 500 declined 0.2 per cent to 5,555.71, while the tech-rich Nasdaq Composite Index dipped 0.1 per cent to 17,997.35.
Less than two days after President Joe Biden pulled out of the November election, Vice-President Kamala Harris hit the campaign trail in battleground state of Wisconsin
Analysts expect the stock market to monitor the race more intensely closer to the November election date.
Among individual companies, UPS sank more than 12.1 per cent as it reported lower profits and revenues and cut some annual projections.
GM dropped 6.4 per cent despite reporting profits that topped estimates. Analysts noted that the automaker had seen shares appreciate significantly heading into the report and also pointed to weakness in its China business.
But Spotify jumped 12 per cent as it announced that it added seven million paid subscribers in the second quarter, beating forecasts after it raised prices. AFP
