Dow, S&P Again Negative as Investors Track Earnings - InvestingChannel

Dow, S&P Again Negative as Investors Track Earnings

The S&P 500 finished little changed Wednesday as another loaded earnings day kicked into full swing and investors parsed the latest results from companies including Netflix and Morgan Stanley

The Dow Jones Industrials finished the day lower 79.62 points to 33,897.01.

The benchmark index dipped 0.35 points to 4,154.52.

The NASDAQ battled its way into the green 3.81 points to close the day at 12,157.23.

While many of the companies reporting in the last day topped analysts’ low-bar estimates, traders found something wrong within the results to send the stocks lower. A lack of forecasts from the major companies also left investors on edge, with the Federal Reserve set to raise interest rates again in a couple weeks and recession fears swirling.

Netflix shares fell 3.2% as the streaming giant disappointed investors by pushing back plans to clamp down on password sharing. In its latest quarter, Netflix beat analysts’ expectations on earnings per share, and added more subscribers than expected, but fell short of revenue estimates.

Earnings from major banks institutions wrapped up with Morgan Stanley, gaining 0.7%. Despite strong results, the stock initially traded down as margins for its investment banking, wealth and asset management businesses were weaker than expected, according to Wells Fargo analyst Mike Mayo. Normalizing the bank’s tax rate would show weaker-than-expected earnings for the quarter, he said.

Dominant electric vehicle maker Tesla headlines earnings result after the bell. IBM and Las Vegas Sands are also on deck.

Prices for the 10-year Treasury weakened, lifting yields to 3.60% from Tuesday’s 3.58%. Treasury prices and yields move in opposite

directions.

Oil prices ditched $1.77 to $79.09 U.S. a barrel.

Gold prices skidded 13 dollars to $2,006.70 U.S. an ounce.

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