U.S. Stocks Slip as Investors Parse Earnings Reports
By Anna Isaac and Paul Vigna
U.S. stocks wavered a day after the S&P 500 set a new record
as investors sifted through a heavy batch of earnings reports and
awaited key economic data later this week.
The broad stock-market index set a fresh record Monday, its
first since July. That move hasn't spurred a new round of buying,
however, as investors still seem to be debating whether
fundamentals back the move.
"To break higher from here, you need to see the economic data
turn up," said Rupert Thompson, head of research at Kingswood Group
In early trading, the Dow Jones Industrial Average fell 16
points, or 0.1%. The S&P 500 fell less than 0.1%, and the
Nasdaq Composite dropped 0.4%.
This week brings several key reports, including third-quarter
GDP on Wednesday and the monthly jobs report on Friday. Also on the
calendar is the Federal Reserve's October policy meeting on
On Tuesday, investors were looking at another round of earnings
General Motors, which said the worker strike this year cost it
$3 billion and cut its 2019 profit forecast, climbed 5.1% after
third-quarter earnings beat Street estimates.
Shares of Pfizer rose 3.3% after the drugmaker raised its
financial targets for 2019. Rival Merck gained 2.6% after it, too,
boosted its full-year outlook.
In Europe, the Stoxx Europe 600 index declined 0.4%, led by
losses in financial services and the oil and gas sectors.
The British pound pared back earlier losses and traded at about
$1.29 after the main opposition party in the U.K. said it would
support efforts to hold an early general election. That makes a
national ballot that might help break the parliamentary deadlock
over Prime Minister Boris Johnson's divorce deal with the European
Union more likely. The FTSE 100 index declined 0.7%.
"It's a never-ending and ever-changing soap opera," Mr. Thompson
said. That's made it hard for investors, he said, and helps explain
why sterling has been stuck in a range.
In European equity markets, Fresenius Medical Care and its
parent, Fresenius SE, led gains. Shares in the Fresenius Medical
rose 4.6% after the maker of products for treating kidney disease
posted higher third-quarter profit and revenue. Its German parent
climbed 2.7% after the health-care company also reporter stronger
Across Asian markets, the picture was more mixed, with the
Nikkei 225 index up 0.5%, while the Shanghai Composite slumped
U.S. crude fell 1.5% to $54.97 a barrel after data Monday showed
rising inventories. Investors will look at American Petroleum
Institute data due out later Tuesday.
Write to Anna Isaac at email@example.com and Paul Vigna at
(END) Dow Jones Newswires
October 29, 2019 10:29 ET (14:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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