Day Traders Diary
The major averages finished near the session lows following disappointing earnings and guidance. The Dow Jones Industrial Average closed down 1289 points at 27,140. The S&P 500 also declined 0.5% to close at 3,003. The Nasdaq Composite lagged, sliding 1% to 8,238. Both the S&P 500 and Nasdaq hit record highs in the previous session.
Facebook initially gained 2% following strong earnings, but the stock succumbed to profit-taking. Tesla dropped 13% on disappointing earnings. Ford fell 7%, PayPal dropped 6% and American Airlines declined 8% on earnings. Boeing dropped 3% continuing its drag on the markets
About a third of S&P 500 companies have reported second-quarter earnings so far. Of those companies, 75% have posted a better-than-forecast profit, according to FactSet. Alphabet, Amazon, Intel, Starbucks and Mattel are all scheduled to report after the close Thursday.
After hours, things got a little better for the tech sector. Google rose 8% on better than expected earnings and a $25 billion share buyback. Intel jumped 5% on strong earnings and news Apple would buy their modem business for a billion dollars. Amazon was modestly lower after missing earnings guidance.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.