LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Wall St. falls after earnings disappointments, but off day's lows

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Oct 27, 2018
12:59 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

U.S. stocks were lower on Friday afternoon following a slew of high-profile earnings disappointments, but indexes were off the day`s lows and the S&P 500 eased off correction levels.

Data earlier in the day showed the U.S. economy continued to grow at a healthy pace, offering some support.

U.S. gross domestic product growth slowed less than expected in the third quarter as a tariff-related drop in soybean exports was partially offset by the strongest consumer spending in nearly four years and a surge in inventory investment.

While economic growth is healthy despite trade wars, the same cannot be said of U.S. corporate profit growth, with disappointing forecasts this earnings season showing how tariffs, rising wages and borrowing costs as well as jitters over geopolitical events are hurting companies.

The latest came last night from Amazon.com Inc and Alphabet Inc, two stocks that have helped power the equity markets decade-long bull run.

Google-parent Alphabet`s revenue missed estimates, fanning concerns that regulatory scrutiny and competition would throttle its scorching pace of growth. The stock recovered from an earlier drop of as much as 5.6 percent to trade down 3.2 percent.

Amazon tumbled 8.2 percent after it missed quarterly sales estimates and gave a below par holiday-season sales forecast.

Some investors saw the selloff as a buying opportunity.

"It`s been a very controlled selloff," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.

While he expects further downside in the market, Paulsen said many investors are looking for chances to buy. "Most people I would argue are sitting around talking about where do we buy. They look at this still more as a buying opportunity than a risk."

The Dow Jones Industrial Average fell 333.12 points, or 1.33 percent, to 24,651.43, the S&P 500 lost 52.84 points, or 1.95 percent, to 2,652.73 and the Nasdaq Composite dropped 168.79 points, or 2.31 percent, to 7,149.55.

The S&P 500 was on course for its worst month in more than nine-and-a-half years and at the day`s low was on pace to confirm it was in correction territory, a level when an index closes 10 percent or more below its all-time closing high.

The Nasdaq confirmed a correction earlier this week.

Facebook Inc, Apple Inc and Netflix Inc, the other members of the so-called FAANG group, were also down.

While indexes pared their gains, investors still worried about more near-term volatility, particularly ahead of the Nov. 6 U.S. midterm congressional elections.

"If you`re not a short-term buyer, why not wait?" said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama

Declining issues outnumbered advancing ones on the NYSE by a 2.66-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favoured decliners.

The S&P 500 posted no new 52-week highs and 87 new lows; the Nasdaq Composite recorded 12 new highs and 298 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

Andhra Pradesh trade body to promote IP rights, registration for MSMEs

Gold Price Outlook – Gold, Silver prices may see further fall next week; expert tells what to do to maximise gains

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

Framework Agreement! India Grid Trust inks largest transmission deal with Sterlite Power

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

3 free LPG cylinders likely again for Ujjawala scheme beneficiaries

Covid 19 Phase 2: These government employees to be reimbursed 'medical expenses' for coronavirus vaccination

Delhi to have its own school education board; Arvind Kejriwal says focus will be on providing jobs, proposes this unique exam pattern

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved