Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Snaps 4-Day Win Streak as Tech Stumble Offsets Upbeat Earnings

Stock MarketsJul 16, 2020 04:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow fell on Thursday as a slide in technology stocks overshadowed mostly bullish earnings at a time when rising U.S. Covid-19 cases shows no sign of letting up.

The S&P 500 lost 0.34%, while the Nasdaq Composite fell 0.73% and the Dow Jones Industrial Average slipped 0.5%, or 135 points.

Quarterly results from banks continued to pour in, with Morgan Stanley and Bank of America posting better-than-expected earnings.

Morgan Stanley (NYSE:MS) rose 2.5% after reporting earnings and revenue that beat consensus estimates, led by strong performance in its trading division.

Bank of America (NYSE:BAC) fell 2.7% despite delivering a beat on the top and bottom lines.  

Both banks flagged an increase in loan loss provisions to protect against a wave of potential client defaults.

Elsewhere on the earnings front, Johnson & Johnson (NYSE:JNJ) reported results that topped estimates as growth in its pharmaceutical business softened the blow from coronavirus-led disruptions. Its shares traded ended up 0.69%.

The latest round of earnings provided investors with insight into the impact of the virus, which continues to spread in the U.S., with cases rising to 3.53 million.

In tech, meanwhile, Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Amazon.com (NASDAQ:AMZN), the so-called Fab 5, making up about 40% of the Nasdaq Index, dragged the broader sector down.

Energy cut its gains on the day, as oil prices fell after OPEC and its allies agreed to rein in production cuts.

On the economic front, retail sales for June topped estimates, while higher-than-forecast U.S. weekly jobless claims stoked worries over whether the recent strength in the labor market was losing steam.

The recent data does "not bode well for improvement [in jobless claims] in July anywhere near what we saw in May and June," Jefferies (NYSE:JEF) said.

Elsewhere, Twitter (NYSE:TWTR) fell 1.1% after accounts belonging to prominent handles were hacked on Wednesday.

Dow Snaps 4-Day Win Streak as Tech Stumble Offsets Upbeat Earnings
 

Related Articles

Third possible case of monkeypox found in the U.S
Third possible case of monkeypox found in the U.S By Reuters - May 22, 2022 1

By Rich McKay ATLANTA (Reuters) - Health authorities said they may have found a third case of the monkeypox virus in the United States and are running tests on a patient in South...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Tricky Dick
TrickyDick Jul 16, 2020 6:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Maybe the earnings were not as upbeat as presented since the bar was set so low.
Troy Nguyen
MrHonest Jul 16, 2020 6:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Who sets the the bar? So far it seems just about everything is exceeding expectations.
Irvin Mermelstein
Irvin Mermelstein Jul 16, 2020 6:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The news articles here coukd be written by Dan Scavino. A bunch of Trump propaganda about a thriving stock market. There is nothing new under the sun in the stock market. This isn't a magic market. It's the sickest rally in history. Your average Joe looks at the unemployment rate and the Dow as his two metrics for the health of the economy. Trump lies to Average Joe about both. Even Cramer is calling this a bubble with about two weeks to go. Anyone still going long in this market in ANY stock will soon see that when the panic selling starts, everything goes down and down. TSLA was $374 in late March and was too expensive then.
eddie glass
eddie glass Jul 16, 2020 4:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
everybody pum.ped their money into over priced tech stocks and already netflix comes out of the gate with a miss. NETFLIX, the one thing people did during the mandatory lockdowns that should have done well
Noelle Milton Vega
NYCeyes Jul 16, 2020 4:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I only come here for the comments. 🤗
Julio Paz
Julio Paz Jul 16, 2020 4:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sometimes i do too!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email