Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished down Tuesday in a late day sell-off as investors focused on disappointing results from Travelers (TRV - Get Report) and McDonald's (MCD - Get Report)
- McDonald's fell after reporting weaker-than-expected third-quarter earnings, with moderately disappointing comparable sales in its domestic U.S. business. McDonald's is Real Money's Stock of the Day.
- Biogen (BIIB - Get Report) soared after the pharmaceutical company said it plans to pursue regulatory approval for aducanumab, its investigational treatment for early Alzheimer's disease.
Wall Street Overview
Stocks finished down after a late day sell-off Tuesday as investors focused on corporate earnings, including disappointing results from Travelers (TRV - Get Report) and McDonald's (MCD - Get Report) .
The Dow Jones Industrial Average, which been in positive territory for a large part of the day, ended down 40 points, or 0.15%, to 26,788, the S&P 500 slipped 0.36%, while the Nasdaq dropped 0.72%.
McDonald's (MCD - Get Report) fell 5.1% to $199.23 after reporting weaker-than-expected third-quarter earnings, with moderately disappointing comparable sales in its domestic U.S. business. McDonald's is Real Money's Stock of the Day.
Hasbro (HAS - Get Report) was the Nasdaq's biggest loser, tumbling 16.8% to $100.02 after posting weaker-than-expected third-quarter earnings. Facebook (FB - Get Report) also pulled the index down, falling 3.9% to $182.34 on news that 47 different state attorneys general have now signed on to an antitrust probe that was first announced in September.
And Netflix (NFLX - Get Report) was down 4.1% to $266.69 after Verizon (VZ - Get Report) said that it will offer a full year of rival streaming service Disney+ (DIS - Get Report) for free to certain customers
Roughly 130 companies in the S&P 500 are expected to report third-quarter earnings this week, with a focus on industrial groups and tech companies. On Monday, the S&P 500 climbed within 0.7% of a record-high close of 3,025.86.
U.S. corporate profits are expected to fall around 3.1% from last year as global growth slows and the domestic economy - particularly at the consumer level - begins to weaken.
Lockheed Martin (LMT - Get Report) fell slightly to $373.90 even after the aerospace and security company beat Wall Street's third-quarter earnings estimates, and said it was raising its 2019 profit and revenue forecast.
Harley-Davidson (HOG - Get Report) climbed 8% to $40.04 as the iconic motorcycle company posted stronger-than-expected third-quarter earnings, but held onto its full-year shipments guidance even as it was "encouraged" by improving global sales.
The U.S. and China, the world's two largest economies, reached a tentative agreement for the "first phase" of a trade deal less than two weeks ago.
The National Association of Realtors said that existing U.S. home sales fell 2.2% to a seasonally adjusted annual rate of 5.38 million units last month, after two straight months of gains. August's sales pace was upwardly revised to 5.50 million units. Economists had forecast existing home sales to decline 0.7% to 5.45 million units.
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