A barrage of earnings reports that weren't as good as investors expected, dragged Wall Street lower on Thursday: The S&P 500 was down 0.52%, the Dow Jones Industrial Average fell 0.63%, falling below 18,000 again, and the Nasdaq slid 0.05%.
Among the disappointments, Verizon (VZ) posted earnings of $1.06 a share in its first quarter, in line with estimates, while revenue of $32.2 billion came in slightly short of forecasts.
United Airlines (UAL) gave a disappointing forecast for the current quarter, predicting unit revenue would fall 6.5% to 8.5% from a year earlier on a weaker April and a stronger U.S. dollar. Shares fell 10%.
Qualcomm (QCOM) fell 0.8% as sales came under pressure from a 19% drop in chip shipments and a 25% decreased in equipment and services revenue.
In better-than-expected earnings, American Express earned $1.45 a share in its recent quarter, a 6% drop from a year earlier, but above analysts' estimates of $1.36 a share. General Motors jumped after doubling earnings in its first quarter. Profit of $1.24 a share was more than double 56 cents a year earlier.
Yum! Brands (YUM) , the parent company of fast-food brands Pizza Hut, KFC and Taco Bell, reported first-quarter earnings of 95 cents a share, above estimates of 83 cents, as growth in China recovered. KFC China reported same-store sales growth of 12%, recovering from a challenging 2015. Shares fell 1%.
Stanley Black & Decker (SWK) shares added 3.7% after the tool-maker boosted earnings and revenue in its recent quarter, while increasing its full-year outlook. The company expects full-year earnings of at least $6.20 a share, up from a low-end range of $6. Management said it has seen stronger organic growth in its tools and storage business.