Stock Market News For October 26, 2016
Zacks Investment Research | Oct 25, 2016 10:14PM ET
A spate of disappointing quarterly reports dragged the major indexes down on Tuesday. As one of the busiest earnings day got under way, behemoths including Whirlpool, General Motors (NYSE:GM), Caterpillar (NYSE:CAT) and 3M, all lost ground. Consumer confidence, meantime, tumbled ahead of the presidential election, which in turn dampened investor sentiment.
For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article.
The Dow Jones Industrial Average (DJI) declined 0.3%, to close at 18,169.27. The S&P 500 fell 0.4% to close at 2,143.16. The tech-laden Nasdaq Composite Index closed at 5,283.40, decreasing 0.5%. The fear-gauge CBOE Volatility Index (VIX) advanced 3.4% to settle at 13.46. A total of around 3.7 billion shares were traded on Tuesday on the NYSE. Decliners outpaced advancing stocks on the NYSE. For 58% stocks that declined, 38% advanced.
Lackluster Quarterly Results
U.S. stocks fell on Tuesday following a string of discouraging corporate results. Whirlpool Corporation (NYSE:WHR) ( Whirlpool Falls as Q3 Earnings Miss, Curtails '16 View ).
Caterpillar Inc.’s ( Caterpillar Q3 Earnings Top, Stock Down on View Cut ).
Despite a challenging macroeconomic environment, 3M Company (NYSE:MMM) ( 3M Marginally Beats Q3 Earnings, Trims 2016 Guidance ).
General Motors Co.’s ( General Motors Beats on Q3 Earnings & Revenues ).
Consumer Confidence Dips
The confidence of Americans about the U.S economy also took a beating in October. In fact, consumer confidence dropped to 98.6 this month, a three-month low, according to the Conference Board. Last month, the level of confidence was at 103.5, a one-and-a-half year high. A measure of current conditions, the present situation index declined to 120.6 from 127.9, while the future expectations index also fell from 87.2 to 83.9, the lowest level since July.
Americans seems less optimistic about the state of the economy, with some saying that jobs are a bit hard to find. This has adversely affected consumer discretionary goods, which is also influenced by the state of the economy. The Consumer Discretionary Select Sector SPDR (XLY) decreased 1.8%, the highest among the S&P 500 sectors. One of its key components, the Home Depot (NYSE:HD), Inc. ( .
Stocks That Made Headlines
Comcast (NASDAQ:CMCSA) Q3 Earnings in Line, Revenues Beat
Comcast Corp. (Read More )
Biogen (NASDAQ:BIIB) Beats on Q3 Earnings; Tecfidera Propels Sales
Biotech company Biogen Inc.’s (Read More )
Express Scripts Q3 Earnings in Line, Revenues Lag
Express Scripts Holding Company (Read More )
Canadian National Q3 Earnings Beat, Revenues Miss
Canadian National Railway Company’s (Read More )
Equity Residential (NYSE:EQR) Q3 FFO In Line, Revenues Beat
Equity Residential (Read More )
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