Stocks pulled lower on Wall Street Tuesday following a mixed set of earnings reports from dozens of big U.S. companies.
Stocks pulled lower on Wall Street on Tuesday following a mixed set of earnings reports from dozens of big U.S. companies.
This week marks the heart of earnings reporting season for the S&P 500, and several big companies gave results that fell short of analysts’ already lowered expectations as the pandemic stole customers away and increased some costs.3M was a particularly heavy weight on the Dow after dropping 4.8%. The maker of N95 masks and various other products for consumers and businesses reported a profit for the latest quarter that fell shy of analysts’ expectations.
Losses for big technology stocks also helped to drag the market lower. The chief executives of Amazon, Apple, Facebook and Google’s parent company are all set to give testimony Wednesday to a House of Representatives committee investigating Big Tech’s market dominance.On the winning side was Pfizer, which climbed 3.9%. It reported a profit for the latest quarter that topped analysts’ expectations, even though it was down by nearly a third from a year earlier.
Massive aid from Congress also helped that turnaround to erupt, but a big part of it is about to expire on Friday: $600 in weekly unemployment benefits. Such support has taken on more importance as a report last week showed an unexpected tick higher in the number of workers filing for jobless benefits. Rising coronavirus counts across the Sun Belt have pushed many businesses to close down again.
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