Day Traders Diary
The major averages closed lower following a slew of key earnings from companies such as McDonald's, Travelers, Procter & Gamble and United Technologies. The Dow Jones Industrial Average closed down 37 points after rising more than 100 points earlier in the day. The S&P 500 slid 0.4% while the Nasdaq Composite dipped 0.7%. The major indexes hit turned lower in afternoon trading after U.K. lawmakers rejected a limited time frame to review a deal on Brexit.
McDonald's shares dropped 5% after missing earnings and revenue numbers for the quarter. Travelers plunged more than 8% after reporting earnings that badly missed estimates.United Technologies shares rose 2.2% after the company posted earnings that topped analyst expectations. Better-than-expected revenues from the company's Otis, Pratt & Whitney and Collins Aerospace divisions helped drive the beat.Procter & Gamble climbed 2.6% after its results topped expectations. The company's numbers were driven by Procter's beauty, health care and fabric and home care lines.
More than 19% of S&P 500 companies have reported quarterly numbers. Of those companies, nearly 80% have beaten analyst earnings expectations.
Biogen jumped 26% after the company surprised investors by saying it will seek FDA approval for its Alzheimer's drug in 2020 after it had renounced the treatment in March. Biogen also beat top and bottom-line estimates.
Separately, shares of Lyft and Uber rose than 3% reacting positively to comments from Lyft's co-founders that it could reach profitability sooner than expected by the end of 2021.
U.S. Treasuries finished the session mixed. The 2-yr yield increased two basis points to 1.61%, and the 10-yr yield declined two basis points to 1.77%. The U.S. Dollar Index increased 0.2% to 97.47.
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