Stock market today: Wall Street drifts near records as earnings reporting season heats up
Wall Street is hanging around its record heights as earnings reporting season for big U.S. companies gets going
NEW YORK — Wall Street is hanging near its record heights Tuesday as earnings reporting season for big U.S. companies gets going.
The S&P 500 was 0.1% lower in midday trading. The Dow Jones Industrial Average was down 183 points, or 0.5%, a day after topping 38,000 for the first time. The Nasdaq composite was 0.1% lower as of 11:30 a.m. Eastern time.
3M tumbled 12% after the maker of Post-it notes and Command strips gave a forecast for earnings this upcoming year that fell short of analysts’ expectations. Johnson & Johnson was another weight on the market and fell 1.7% after reporting weaker profit for the latest quarter than expected.
They helped overshadow a 4.2% climb for Procter & Gamble, which posted stronger profit for the latest quarter than analysts expected. The company behind Charmin and Olay benefited from price hikes for is products, and it raised its forecast for profit for this full fiscal year.
United Airlines flew 6.9% higher after it also reported stronger profit for the last three months of 2023 than analysts expected. It made more in revenue from customers in both basic economy and premium seats, though it warned it may lose money in the first three months of this year because of the grounding of its Boeing 737 Max 9 planes.
Earnings season is kicking into gear, and more than a dozen companies in the S&P 500 reported their latest quarterly results Tuesday morning. More than 50 are scheduled to follow up later this week, including Tesla and Intel.
Among Tuesday’s headliners was Verizon Communications, which rose 5.7% after beating analysts’ profit estimates. General Electric also topped
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