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NEW YORK (CNNMoney)
The Dow Jones Industrial Average fell 0.5%, while the S&P 500 slipped 0.3% The Nasdaq gained about 0.2% getting a lift from Facebook's strong earnings report.
The drop in the Dow and S&P 500 comes after both indexes reached record highs earlier in the week. All three indexes have gained more than 18% so far this year.
More than a third of the companies in the S&P 500 have reported second-quarter results so far, according to S&P Capital IQ. As of Thursday morning, 66% had topped analysts' lowered expectations.
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The Facebook effect: Shares of Facebook (FB) surged more than 25% Thursday, a day after the social networking site posted strong quarterly results, led by a marked improvement in its mobile business.
"Facebook is the one driving the Nasdaq and 25% is a powerful, powerful move" said Joseph Saluzzi, a partner at Themis Trading.
The momentum propelled Zynga's (ZNGA) stock, as well. The app developer has games on Facebook.
Mixed bag of earnings: Dow Chemical (DOW, Fortune 500) and Tripadvisor (TRIP) reported quarterly profit gains.
General Motors (GM, Fortune 500) reported an improvement in second-quarter earnings but a slowdown in China pressured overall profits.
PulteGroup (PHM) reported earnings and revenue that fell way short of forecasts. Despite the weak results, the homebuilder said the housing market was on track to recovery.
Baidu (BIDU) shares surged 14% after the Chinese Internet company reported a second quarter profit that topped analyst expectations.
Amazon (AMZN, Fortune 500) and Starbucks (SBUX, Fortune 500) are due to report after the close.
Related: SAC hit with criminal charges
Tepid recovery: In economic news, the government released jobless claims data Thursday morning in line with expectations. Initial claims rose to 343,000 for the week ended July 20, an increase of 7,000 from the previous week.
New orders of durable goods, also reported by the Census Bureau, surged past expectations. The number jumped by 4.2% in June to $244.5 billion and has risen for four of the past five months.
But without the nearly 13% gain in orders of transportation equipment, the numbers were not so hot. "It still gives the story of a very tepid recovery," Saluzzi said.
Related: Fear & Greed Index, still greedy
World markets in the red: European markets ended lower. London's benchmark FTSE 100 index lost almost 0.5% and Germany's DAX fell by 0.96%.
Asian markets ended with losses, even as the Chinese government announced a mini-stimulus plan that should give a boost to certain areas of the economy, including small businesses.
Hong Kong's Hang Seng index lost 0.3% and the Shanghai Composite index declined by 0.6%.
In Japan, Tokyo's Nikkei fell by 1.1%.
First Published: July 25, 2013: 9:53 AM ET
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