Wall Street today: US stocks drop on mixed earnings, Treasury yields gain; Ford Motor sinks 10%, Trump Media up 13%
As of 9:35 am Eastern time, the Dow Jones was down 0.4 per cent, the S&P 500 was 0.3 per cent lower, and the Nasdaq Composite was 0.2 per cent lower
US stocks edged lower on Tuesday as investors assessed a host of mixed earnings, while Treasury yields gained.
Investors are keenly awaiting results from tech heavyweight Google’s parent Alphabet later in the day.
As of 9:35 am Eastern time, the Dow Jones Industrial Average was down 0.4 per cent, the S&P 500 was 0.3 per cent lower, and the Nasdaq Composite was 0.2 per cent lower.
Ford Motor stock sank 10 per cent after the automaker said an underlying measure of profit for the full year will likely come in at the bottom end of its forecasted range.
JetBlue Airways shares plunged 12.7 per cent despite its better than expected quarterly results.
D.R. Horton stock tumbled 12.5 per cent after the homebuilder reported weaker profit and revenue for the third quarter.
Burger chain McDonald’s shares rose 1.5 per cent after its profit and revenue beat analysts’ forecasts.
Trump Media & Technology Group stock extended gains of 13.6 per cent to $53.80.
In the bond market, the 10-year yield rose to 4.32 per cent from 4.28 per cent late on Monday.
Bullion
Gold prices were near all-time high on Tuesday, aided by US election uncertainty and hopes of an interest rate cut by the Federal Reserve in November.
Spot gold was up 0.3 per cent to $2,750.87 per ounce as of 1114 GMT. US gold futures gained 0.3 per cent to $2,763.40.
Spot silver was up 1.3 per cent to $34.13 per ounce.
Crude oil
Oil prices rose more than 1 per cent on Tuesday, as US plans to buy oil for the Strategic Petroleum Reserve.
Brent crude futures climbed 94 cents, or 1.32 per cent to $72.36 a barrel by 1237 GMT, while US West Texas Intermediate crude was 98 cents, or 1.45 per cent, higher at $68.36 a barrel.
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