Investing.com -- The Dow snapped a 13-day win streak Thursday as rally in Meta was offset by weakness in financials and airline stocks amid underwhelming quarterly results.
The Dow Jones Industrial Average fell 0.7%, or 237 points, Nasdaq was down 0.6%, and the S&P 500 fell 0.6%.
Meta Leads Charge Higher in Tech, eBay Falters
Meta Platforms (NASDAQ:META) rallied more than 4% after the social media giant reported guidance and second-quarter results that topped Wall Street estimates, driven by strong advertising growth.
UBS lifted its target on the stock to $400 from $335, on expectations that future earnings would likely be “supported by continued improvement in reels adoption and monetization, other new ad formats, solid engagement growth, a healthier macro environment.:”
eBay (NASDAQ:EBAY), meanwhile, slumped 10% after its earnings guidance for the current quarter missed analyst estimates and overshadowed better-than-expected second-quarterly results.
For Q3, the e-commerce platform guided adjusted EPS of $0.96 to $1.01, missing Wall Street estimates for adjusted EPS of $1.02.
Slump in Willis Towers Watson, S&P Global Lean on Financials Following Softer Earnings
Willis Towers Watson (NASDAQ:WTW) cut its outlook on 2024 earnings after reporting second-quarter earnings that fell short of estimates, sending its shares more than 8% lower and pushing the broader financials in the red.
The insurance company said the outlook included an “expected decline in pension income of approximately $1.65 per share.”
S&P Global (NYSE:SPGI) fell more than 7% failing to impress on the earnings stage as financial information and analytics firm reported quarterly earnings that missed analyst estimates.
Southwest Flies Revenue Warning; McDonald’s Shine
Southwest Airlines (NYSE:LUV) reported quarterly results that missed on the bottom line and delivered guidance that spooked investors after warning that its revenue per available seat mile, a key metric for airlines, is expected to fall in the third quarter.
The warning stoked concerns about falling air travel demand, souring sentiment on several airline stocks including American Air Lines, Delta Air Lines (NYSE:DAL) and Alaska Air Group (NYSE:ALK).
McDonald’s Corporation (NYSE:MCD), meanwhile, climbed 1% as the fast-food chain reported quarterly results including comparable sales that beat analyst estimates.