Dow Jones Industrial Average falls 39 points
The Dow fell 39.54 points, or 0.15% to close at 26,788.10. The S&P 500 slid 0.36% to 2,995.99. The Nasdaq Composite pulled back 0.72% to close at 8,104.30. The major averages oscillated between gains and losses for most of the session as investors digested a slew of corporate earnings reports along with news on Brexit.
Earnings and Brexit drive the action
McDonald’s and Travelers were the two Dow components that reported weaker-than-expected results, sending their stocks reeling. On the positive side of earnings, United Technologies and Procter & Gamble posted quarterly profits above expectations. JetBlue, UPS and Harley-Davidson also posted quarterly numbers on Tuesday. Despite the weak results from McDonald’s and Travelers, overall S&P 500 earnings are mostly coming in better than expected. Wall Street also grappled with news on the Brexit front after a vote in the U.K. parliament made a deal extension more likely. The averages hit their lows on the day on the news out of London.
Biogen surges, Travelers plunges
Biogen shares surged more than 26% after the company said it will seek regulatory approval for its Alzheimer’s treatment. The gain in Biogen’s stock lifted the iShares Nasdaq Biotechnology ETF (IBB) by 1.66%. Travelers, meanwhile, posted its worst day since 2008, plunging nearly 8%.
What happens next?
The earnings season continues on Wednesday with Boeing, Caterpillar and Microsoft among the companies scheduled to report. Read more here.
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