Here Are 3 Hot Things to Know About Stocks Right Now
- Stocks ended lower Wednesday, a day after the S&P 500 and the Nasdaq set closing record highs.
- Boeing (BA) - Get Report missed first-quarter earnings expectations and pulled its earnings guidance in light of the troubled 737 MAX aircraft.
- AT&T (T) - Get Report posted first-quarter earnings that were mostly in-line with analysts' forecasts. The stock fell 4.1%.
Wall Street Overview
Stocks turned mixed Wednesday afternoon, one day after the S&P 500 and Nasdaq set new closing record highs as investors on Wall Street regrouped amid a flood of earnings reports.
The Dow Jones Industrial Average fell 59 points, or 0.22%, to 26,597, the S&P 500 was down 0.22%, while the Nasdaq fell 0.23%. Strong earnings reports lifted both the S&P 500 and the Nasdaq on Tuesday to record territory.
"It has been a long time since the S&P 500 scored a new high, yet this could actually hint at future gains," said LPL Research senior market strategist, Ryan Detrick. "The waiting game for record highs may be tough, but it has proven the durability of this bull market based on sound fundamentals."
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to return to Beijing next week to re-start talks on a trade deal with China. White House Economic Adviser Larry Kudlow said he was "cautiously optimistic" about a trade deal.
Boeing (BA) - Get Report missed first-quarter earnings expectations and pulled its earnings guidance for the rest of the year in light of the troubled 737 MAX aircraft that has suffered two fatal crashes in six months. Shares, however, rose slightly to $375.46.
Occidental Petroleum (OXY) - Get Report made a bid to buy Anadarko Petroleum (APC) - Get Report in a $57 billion deal that tops Chevron's (CVX) - Get Report earlier offerto buy Anadarko for $33 billion in cash and stock. Shares of Occidental Petroleum fell slightly to $62.02, while Anadarko soared 12.6% to $71.41. Chevron was down 3.1% to $118.28.
Northrop Grumman (NOC) - Get Report fell nearly 4.3% to $280.08 even though the aerospace and defense giant reported first-quarter net earnings that exceeded analysts' forecasts, reflecting stronger sales in its aerospace unit and a host of newly awarded contracts.