S&P 500 Retreats From All-Time High as Corporate Earnings Weigh

The S&P 500 Index slipped from a record as investors were circumspect on the prospects for further gains following a mix of corporate earnings reports.

The recent record run for equities hit some headwinds as Netflix Inc. tumbled 14 percent after subscriber growth disappointed, and Philip Morris International Inc. dropped 3.5 percent after its earnings missed forecasts as the strong dollar hurt sales outside of the U.S. Johnson & Johnson provided some offset, climbing 1.5 percent after its quarterly profit beat estimates.

The S&P 500 Index declined 0.2 percent to 2,161.63 at 12:49 p.m. in New York, after the gauge closed at an all-time high Monday for the fifth time in six days. The Dow Jones Industrial Average slipped 2.63 points to 18,530.42, with its losses muted by J&J’s gains, while McDonald’s Corp. increased 1.7 percent. The Nasdaq Composite Index fell 0.3 percent. Trading volume in S&P 500 shares was 9 percent below the 30-day average for this time of day.

Source: Bloomberg

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S&P 500 Closes at Record Amid Deal Activity, Corporate Earnings

The S&P 500 Index closed at a record for the fifth time in six days, as technology shares rallied amid deal activity while corporate earnings spurred optimism that results this season will be sturdy enough to help sustain equities at record levels.

SoftBank Group Corp.’s agreement to buy ARM Holdings Plc for $ 32 billion spurred gains in semiconductor shares, while tech heavyweights Apple Inc. and Alphabet Inc. rose at least 1.1 percent. Bank of America Corp. advanced 3.4 percent after posting higher profit in each of its four main businesses. Hasbro Inc. dropped 6.6 percent as sales in its boy-oriented toys disappointed, and energy producers retreated with crude oil. The Dow Jones Industrial Average closed at a record for a fifth straight session.

The S&P 500 Index added 0.2 percent to 2,166.83 at 4 p.m. in New York amid light trading, following three consecutive weekly gains.

Equity futures extended a drop on Friday after news that factions of Turkey’s army tried to overthrow the government of President Recep Tayyip Erdogan, but rebounded after the premier’s supporters put an end to the coup by Saturday.

Source: Bloomberg

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