Stocks – Wall Street Falls After Disappointing Earnings Results


Stocks - Wall Street Falls After Disappointing Earnings Results

Hot news – Wall Street was lower on Monday as mixed earnings results failed to continue the enthusiasm for equities seen overseas.

The S&P 500 fell 10 points, or 0.37%, to 2,757.59 as of 10:00 AM ET (14:00 GMT), while the Dow decreased 86 points, or 0.34%, to 25,358.11 and the tech-heavy Nasdaq Composite was down 12 points, or 0.17%, to 7,436.46.

Hasbro (NASDAQ:HAS) tumbled 6.15% after the company reported a bigger-than-expected drop in quarterly revenue after the impact of the bankruptcy of its long-term customer Toys ‘R’ Us. Halliburton (NYSE:HAL) was down 1.37% after the opening bell despite its earnings coming in higher than expected, while Kimberly-Clark (NYSE:KMB) rose 0.21% after its third-quarter results beat the consensus.

Earnings reports continue after the market closes, with results from Crane Company (NYSE:CR), Rent-A-Center (NASDAQ:RCII), Sonic (NASDAQ:SONC) and others.

Technology stocks were among the top performers, with Apple (NASDAQ:AAPL) up 0.39%, Facebook (NASDAQ:FB) rising 0.46% and Intel (NASDAQ:INTC) gaining 0.86%, while Advanced Micro Devices (NASDAQ:AMD) jumped 2.58%. Alibaba (NYSE:BABA) increased 2.6% amid news that it opened two data centers in the UK as part of its strategy to expand its cloud footprint in Europe.

But investors shunned shares of Netflix (NASDAQ:NFLX), which fell more than 3%.

Meanwhile, the Italian Treasury said it would not expand the budget deficit in 2020 and 2021, easing investor worry over the country’s debt crisis. A Moody’s report on Friday that kept Italy’s sovereign rating outlook at stable also helped boost investor confidence in Europe.

In commodities, gold futures increased 0.12% to $1,225.20 a troy ounce, while crude oil futures fell 0.74% to $68.61 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.25% to 95.68.

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