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Wall Street in the red, leaded by disappointing results

2019-10-22T21:09:40.342Z

Wall Street in the red, leaded by disappointing results



New York (AFP)

The New York Stock Exchange closed in the red Tuesday, weakened by several quarterly results of companies below expectations, including those of McDonald's and Insurer Travelers, both members of the Dow Jones.

Its flagship index, the Dow Jones Industrial Average, fell 0.15% to 26,788.10 points.

The Nasdaq, with strong technological coloration, yielded 0.72%, at 8,104.30 points and the broad index S & P 500 dropped 0.36% to 2,995.99 points.

McDonald's disappointed the financial markets on Tuesday, citing a slowdown in growth, seeming to be lagging behind in veggie burgers. His title lost 3.30%.

Travelers dropped 8.29 %% after quarterly results below analysts' forecasts.

"With the continuation of the earnings season, we are seeing more fragility in this third quarter," said Sam Stovall of CFRA.

Nearly 20% of the S & P 500 members have now published their quarterly results.

Among other companies reporting their quarterly health check, toy maker Hasbro tumbled nearly 16.76% after underperforming results, heavily affected by lingering uncertainties surrounding the Sino-US trade war imposition of new tariffs on certain games.

US manufacturer of household products and hygiene Procter and Gamble (P & G) reported Tuesday better than expected results thanks to strong sales of its health and beauty products. He gained 2.60%.

United Technologies (+ 2.21%) and Harley-Davidson (+ 7.98%) advanced after better than expected results, while UPS (-2.04%) and Kimberly Clark (-7.05%), who published half-hearted results, fell back.

The indexes of the New York place also gave ground at the end of the session after the rejection by the British Parliament of an expedited review of the Brexit agreement wanted by Prime Minister Boris Johnson.

This refusal compromises the chances of an exit with EU agreement before 31 October.

"I would see this as a more positive than negative development, because we come to some sort of conclusion, even if it is not the kind that Wall Street was hoping for," said Stovall.

On the bond market, the 10-year US debt rate stood at 1.766% around 2030 GMT, down from the previous day's close (1.799%).

© 2019 AFP

Source: france24

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