Equities close lower as earnings weigh; Fed statement on tap
U.S. stocks closed lower on Tuesday as the S&P 500 and Nasdaq retreated from record highs after some disappointing corporate earnings, while investors awaited a Federal Reserve policy statement.
A host of Dow components reported earnings, with UnitedHealth, Boeing and Merck all trading lower after their quarterly results.
Health insurer UnitedHealth was the biggest drag on the Dow after a disappointing profit forecast, while Boeing declined despite reporting a smaller second-quarter loss.
Merck dipped after the drugmaker reported quarterly results and said it was extending its pause on shipments of HPV vaccine Gardasil to China until at least the end of 2025 due to persistent weakness in demand.
Earnings from megacaps Meta, Microsoft, Amazon and Apple are due this week and are likely to have a strong influence on market direction due to their large market weightings.
According to preliminary data, the S&P 500 lost 18.43 points, or 0.29%, to end at 6,371.34 points, while the Nasdaq Composite lost 74.98 points, or 0.35%, to 21,103.61. The Dow Jones Industrial Average fell 193.87 points, or 0.45%, to 44,643.69.
Source : Reuters
