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25-Apr2019

US markets end lower on Wednesday

The US markets ended lower with cut of around quarter percent on Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies, including Dow components Boeing and Caterpillar Inc., that offered a mixed picture of American corporations. A mixed batch of earnings reports from big-name companies such as Boeing (BA), Caterpillar (CAT) and AT&T (T) also contributed to the choppy trading on Wall Street. A light day on the US economic front also kept traders on the sidelines ahead of the release of reports on weekly jobless claims, durable goods orders and first quarter GDP in the coming days.

Corporate quarterly results remain in focus for markets midweek. More than a fifth of the S&P 500 constituents have reported results, with nearly 80% of those companies producing earnings results that topped street's consensus estimates, compared with about 65% in the fourth quarter. To be sure, that reflects lowered estimates heading into the quarter amid worries about a recession and anemic growth outside of the US, amplified by a trade spat between Washington and Beijing.

Dow Jones Industrial Average declined 59.34 points or 0.22 percent to 26597.05, Nasdaq dropped 18.81 points or 0.23 percent to 8102.02 and S&P 500 was down by 6.43 points or 0.22 percent to 2927.25.


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