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Wednesday, October 27, 2021

US stocks dip ahead of big earnings, economic data

US stocks dip ahead of big earnings, economic dataNEW YORK: Wall Street stocks retreated a bit from records early Monday ahead of a busy week of economic and earnings news that includes Apple results and the January US jobs report.

Analysts attributed the modest decline to profit taking after a series of records in the first weeks of 2018 amid strong earnings.

About 25 minutes into trading, the Dow Jones Industrial Average stood at 26,588.34, down 0.1 percent.

The broad-based S&P 500 dropped 0.1 percent to 2,869.48, while the tech-rich Nasdaq Composite Index shed 0.2 percent to 7,492.08.

Key earnings this week include tech giants Apple, Amazon and Facebook, as well as traditional blue chips such as ExxonMobil, Boeing and McDonald’s.

Other key events on the economic calendar are the Department of Labor’s January jobs report, a two-day Federal Reserve meeting and President Donald Trump’s State of the Union address.

In earnings news, Lockheed Martin rose 1.9 percent after easily topping earnings estimates when one-time charges connected to US tax reform were excluded.

Dr Pepper Snapple surged 25.5 percent after announcing it would be merged into Keurig Green Mountain to form a beverage giant with $11 billion in annual sales.

Copyright AFP (Agence France-Press), 2018

Source: Brecorder.com

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