S&P 500 Snaps 3 Day Losses, Dow Falls for 4th Session
US stocks closed mixed as markets reacted to the latest earnings reports and a dip in bond yields.
The S&P 500 rose 0.2%, breaking a three-day losing streak, and the Nasdaq climbed 0.8%. Meanwhile, the Dow Jones fell 120 points, weighed down by declines in IBM, Honeywell, and Boeing, with only 12 components posting gains. Tesla surged 21.9%, adding over $100 billion in market value after posting strong Q3 profits and forecasting 20% to 30% sales growth next year.
UPS rose 5.3% on solid earnings and an upgraded full-year outlook, while ServiceNow jumped 5.4% on strong subscription revenue and an improved forecast. In contrast, Boeing slipped 1.2% as its largest union rejected a labor deal, extending a strike that has disrupted production.
Honeywell dropped 5.1% as sales missed expectations despite solid profits, and IBM slid 6.2% due to revenue falling short. Treasury yields pulled back after rising over the past three days.
Source : Trading Economics