S&P Down Again - InvestingChannel

S&P Down Again

The S&P 500 ticked lower Thursday, continuing Wednesday’s sell-off trend, as Wall Street assessed a rise in interest rates and scrutinized the latest earnings results, offering insight into the health of corporations.

The Dow Jones Industrials dropped 1.25 points to move into noon hour EDT at 35,281.27.

The S&P 500 Index slipped 3.14 points to 4,510.25.

The NASDAQ index gained 28.41 points to 14,001.85.

The busy earnings week carried on, with chipmaker Qualcomm losing 10% on a third-quarter revenue miss and disappointing guidance. PayPal slumped more than 11% after posting in-line results and a decline in active accounts, while Expedia plunged 16% as gross bookings fell short of expectations.

The market faces another major earnings test Thursday after the bell as tech bellwethers Apple and Amazon report results. Thus far, nearly 79% of S&P 500 companies have issued quarterly reports, with about 82% beating expectations, according to FactSet.

Wall Street also assessed the latest economic data, including in-line weekly jobless claims and second-quarter productivity data that showed an uptick.

Prices for the 10-year Treasury crashed, raising yields to 4.18% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.

Oil prices gained $2.08 to $81.57 U.S. a barrel.

Gold prices subtracted $4.40 to $1,970.60 U.S. an ounce.

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