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Overnight Markets: Wall Street edges lower a day after hitting records

Overnight Markets: Wall Street edges lower a day after hitting records

Wall Street closed lower on Wednesday, a day after the S&P 500 and the Nasdaq hit all-time highs, following earnings from high-profile companies, including Boeing Co. and Caterpillar Inc.

The Dow Jones Industrial Average declined 59 points, or 0.22%, to 26,597, the S&P 500 lost six points, or 0.22%, to 2,927 and the Nasdaq Composite dropped 19 points, or 0.23%, to 8,102.

Corporate quarterly results remained in focus yesterday with earnings from heavyweight Dow components Boeing and Caterpillar. Boeing Co closed up 0.38% even after scrapping its 2019 outlook and reporting quarterly revenue below estimates. Caterpillar Inc shed 3% as rising costs hit margins in its construction equipment business.

Energy stocks fell the most and were the biggest drag on the S&P 500 as oil prices declined. On the Nasdaq, eBay Inc’s upbeat earnings and a chipmaker rally were overshadowed by a mixed bag of reports.

Only three of the S&P 500’s 11 major industry sectors ended the day in positive territory, and real estate led the gainers with a 0.8% rise.

The technology sector erased its gains late in the session to decline 0.01% and the Philadelphia Semiconductor Index closed up 0.95% after hitting an all-time high during the session. Texas Instruments Inc added 1.8% after its quarterly report.

AT&T Inc plunged 4% after the second-largest US wireless carrier reported quarterly revenue below Wall Street estimates.

EBay jumped 5% after the company raised its full-year sales and profit forecasts.

In deal news, Anadarko Petroleum Corp surged 11.6% after Occidental Petroleum Corp sought to scuttle Chevron Corp’s takeover of the company with a $57 billion bid.

In aftermarket trading, Microsoft shares advanced nearly 3% and Facebook shares gained almost 5%.

In Asia, share markets were mostly lower on Thursday in morning session following an overnight dip on Wall Street amid mixed earnings results.

Mainland Chinese stocks slipped in early trade, with the Shanghai composite declining 0.5%. Hong Kong’s Hang Seng index also slipped 0.44%

The Nikkei 225 in Japan inched higher fractionally, while the Topix index was largely flat. Over in South Korea, the Kospi declined 0.41%. Australia’s markets are closed on Thursday due to a holiday.

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