Dow declines, S&P rises as investors parse earnings
The Dow fell Tuesday as disappointing quarterly results from some companies weighed on the blue chips.
The Dow Jones Industrial Average dropped 64.10 points, or 0.27%, to 24,099.05. The S&P 500 ticked 6.75 points higher, or 0.24%, to 2,654.80. The Nasdaq Composite gained 64.44 points, or 0.91%, to 7,130.70.
Pfizer hurt the Dow, falling after it reported revenue that missed estimates. McDonald’s dropped as a decline in U.S. customer visits overshadowed global sales and profit growth, which was reported Monday.
More than half the S&P 500 companies have reported January through March results, and so far earnings and revenue are coming in well ahead of expectations.
The Dow also dropped as Federal Reserve policy makers began a two-day meeting.
The U.S. decision on Monday to postpone adding steel and aluminum tariffs on Canada, the European Union and Mexico failed to push stocks higher.
The U.S. announced in March a 25% tariff on imported steel and a 10% tariff on aluminum, but the White House said some nations would not be subject to the new levies. Trump had faced a self-imposed midnight deadline to approve permanent exemptions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44722.06 | -138.25 | -0.31% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19060.475899 | -115.10 | -0.60% |
| SP500 | S&P 500 | 5998.74 | -22.89 | -0.38% |
Shares of Match Group, the owner of Match.com and Tinder, tumbled 22% after Facebook CEO Mark Zuckerberg said the social media giant will launch an online dating service.
Apple shares rallied 2.3% ahead of the company's quarterly earnings report.
Economic data published on Tuesday included the Institute for Supply Management’s reading on manufacturing growth, which came in at 57.3%, down from December’s 59.3%. The slower growth pace is attributed to higher prices for raw materials and labor shortages.
The Commerce Department reported that construction spending was 1.7% lower in March compared with February. Spending in prior months was upwardly revised. March’s lower reading combined with stronger-than-previously estimated January and February measures took total construction spending for the year to date 5.5% higher than the same period in 2017.
The major indexes were mildly higher in April. The Dow posted a 0.25% gain during the month, the S&P rose 0.27% and the Nasdaq edged 0.04% higher.