FOX Business: Capitalism Lives Here
U.S. equity markets fell on Wednesday as traders parsed through disappointing economic data and mixed corporate earnings.
As of 2:15 p.m. ET, the Dow Jones Industrial Average fell 19.6 points, or 0.12%, to 16494, the S&P 500 dipped 4.1 points, or 0.22%, to 1875 and the Nasdaq Composite declined 34 points, or 0.82%, to 4127.
The S&P 500 added a sixth day to its winning streak on Tuesday, leaving the broad-market barometer only 0.6% away from its all-time high. The move bellies the intense turbulence seen on Wall Street just weeks ago as high-flying momentum stocks sold off.
On the earnings front, Boeing (BA) revealed quarterly results that flew past Wall Street's expectations, sending its shares higher. Defense contractor Northrop Grumman (NOC) also rallied after the company overcame weaker revenue to log higher profits. The Dow Jones U.S. Aerospace & Defense Index climbed more than 1%.
Procter & Gamble (PG), the blue-chip consumer products giant, posted better-than-expected quarterly profits, but sales that missed analysts' views. AT&T (T) revealed a beat on the bottom line, but shares still fell.
Gilead (GILD), the biotech behemoth that took a beating as momentum stocks dropped, actually revealed much stronger-than-expected results.
In economic news, the Commerce Department said sales of newly-constructed homes fell 14.5% to an annualized rate of 384,000 units in March. Economists expected a reading of 450,000 units.
Elsewhere, U.S. crude oil futures continued to trade lower after government data revealed record-high supplies. Nymex oil was down to $101.52 a barrel. Wholesale New York Harbor gasoline fell a penny to $3.03 a gallon. Gold advanced $2.80, or 0.22%, to $1,283.90 a troy ounce.