US stocks flat as some earnings cite weakening economy | Money


Traders work on the floor at the New York Stock Exchange October 9, 2019. — Reuters pic
Traders work on the floor at the New York Stock Exchange October 9, 2019. — Reuters pic

NEW YORK, Oct 23 — Wall Street stocks were little changed early today following a trove of mixed earnings that included some cautionary notes about the economy.

Analysts cited as concerning remarks from Caterpillar about global economic uncertainty as the company cut its profit forecast.

Another worrisome sign came from Texas Instruments, which reported a drop in revenues and said “most markets weakened further.”

On the positive side for stocks, “the demand warnings from Caterpillar and Texas Instruments have likely cemented an October rate cut in the market’s mind, which is seemingly always stimulated by the idea of monetary policy staying accommodative,” analyst Patrick O’Hare wrote at Briefing.com.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 26,840.21, up 0.2 per cent.

The broad-based S&P 500 was essentially flat at 2,996.88 and the Nasdaq Composite Index slipped less than 0.1 per cent to 8,102.22.

Among other companies reporting results, Boeing jumped 3.0 per cent as it confirmed that it still expects to receive regulatory approval this year to return the 737 MAX, which has been grounded since March following two deadly crashes.

That statement reassured investors, even though the company reported sharply lower quarterly profits, cut production levels on the 787 plane and pushed back first deliveries on another jet, the 777X. — AFP



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *