Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 and Nasdaq finished lower Thursday for the first time in four sessions.
- Procter & Gamble Co. (PG) fell 3.2%. The company reported fiscal third-quarter earnings that beat expectations.
- Apple Inc. (AAPL) declined 2.8% and shares of chipmakers fell after Taiwan Semiconductor Manufacturing Co. (TSM) issued a weak forecast.
Wall Street Overview
Stocks on Wall Street fell Thursday, April 19, as investors weighed a host of earnings reports and energy prices surged.
The Dow Jones Industrial Average closed down 83 points, or 0.34%. The S&P 500 was down 0.57% and the Nasdaq fell 0.78%.
Procter & Gamble agreed Thursday to buy the consumer healthcare unit of Germany's Merck KGaA (MKGAY) for around $4.2 billion in the first major purchase for the company since activist investor Nelson Peltz won a seat on the board late last year.
P&G also reported reported fiscal third-quarter core profit of $1 a share, 2 cents ahead of estimates. Sales rose 4% to $16.28 billion and just beat forecasts. The stock fell 3.2%.
Apple Inc. shares fell 2.8% after Taiwan Semiconductor Manufacturing Co. (TSM) , an Apple supplier, issued a weak forecast. Chipmakers such as Intel, Nvidia Corp. (NVDA) and Advanced Micro Devices Inc. (AMD) , also were down.
Stocks in Asia closed Thursday with strong gains while European equities moved mostly higher after oil prices rose to the highest levels in more than two years. A Reuters suggested Saudi Arabia, the world's biggest producer, would be content with crude prices that approached $100 a barrel and won't push for changes in the current OPEC agreement that is taking 1.8 million barrels from the market each day until the end of 2018.
Crude oil prices in the U.S. declined 18 cents to $68.29 a barrel.
Amazon.com Inc. (AMZN) rose 1.9% on Thursday after the online retailing giant said membership in its lucrative Prime subscription program topped 100 million as it continues to expand overseas and challenge traditional retailers in the world's biggest markets.
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American Express Co. (AXP) jumped 7.6% after it reported first-quarter profit rose 31% as cardholder spending increased. Earnings in the quarter were $1.86 a share, beating analysts' expectations of $1.71.
American Express said it now expects earnings in 2018 at the high end of its guidance of $6.90 to $7.30 a share.
Alcoa Inc. (AA) rose 1.3% after first-quarter earnings topped estimates and the company said it expects demand for aluminum to grow amid fears of tariffs.
Bank of New York Mellon Corp. (BK) reported first-quarter earnings of $1.10 a share, topping analysts' estimates of 96 cents. The stock rose 5.7%.
Danaher Corp. (DHR) posted first-quarter earnings on an adjusted basis of 99 cents a share, beating Wall Street forecasts by 5 cents. Danaher said it expects second-quarter adjusted profit from continuing operations of $1.07 a share to $1.10 a share. Analysts forecast $1.08. The stock was down 0.88%.