Dow falls more than 100 points as Wall Street braces for Big Tech earnings: Live updates
Traders work on the floor of the New York Stock Exchange during morning trading in New York City.
Michael M. Santiago | Getty Images
The Dow Jones Industrial Average pulled back Tuesday as investors readied for key corporate earnings releases, including reports from notable tech names.
The 30-stock Dow lost 175 points, or 0.4%. The S&P 500 shed 0.2%, while the Nasdaq Composite hovered around the flatline.
Ford Motor slid 8% after the automaker provided full-year guidance that was on the low end of its previously set range. McDonald’s was little changed after reporting a greater-than-expected fall in global same-store sales.
Those moves come after a winning session on Wall Street for the three major indexes. Notably, the blue-chip Dow broke a five-day losing streak, while the tech-heavy Nasdaq notched its eighth positive session of the last nine.
Stock investors appeared to welcome a drop in oil prices, which came after weekend airstrikes from Israel toward Iran didn’t hit energy facilities as some expected. But equity gains were capped as Treasury yields continued to rise to their highest level since July.
“One the one hand, macro conditions right now are very favorable: resilient growth, disinflation, stimulus and then relatively healthy earnings,” Vital Knowledge founder Adam Crisafulli said on CNBC’s “Closing Bell: Overtime.” “But you have expensive stocks, and then you have this yield dynamic that’s acting as a headwind.”
Traders will keep an eye on earnings reports from major companies due on Tuesday as the busiest week of this earnings season continues. Alphabet, Snap, Reddit, Chipotle and Advanced Micro Devices are all scheduled to post their quarterly results after the market closes.
Tech juggernauts Meta Platforms and Microsoft are slated to report on Wednesday, while Apple is up on Thursday.
On the economic front, investors will monitor job openings and labor turnover data due in the morning, the first of several reports coming this week that will provide insight into the strength of the job market. Elsewhere, data on housing prices and consumer confidence are also expected on Tuesday.
