LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • 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 Street opens lower on dull earnings, healthcare logjam

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Tue, Jul 18, 2017
08:39 pm
Reuters

U.S. stocks opened lower on Tuesday, weighed down by earnings reports from some big names and concerns over President Donald Trump`s ability to push through his pro-growth policies, following a setback to the healthcare bill.

Shares of Bank of America slipped 0.8 percent, while Goldman Sachs was down 0.9 percent after reporting quarterly results.

Last week, shares of JPMorgan, Wells Fargo and Citigroup had taken a beating after their quarterly results and forecasts failed to excite investors.

Harley-Davidson slumped 9.6 percent after the motorcycle maker cut its 2017 shipments forecast.

The healthcare sector will be under scrutiny after the Republican healthcare bill to replace Obamacare sank in the Senate, with news that two Republican senators would not support the latest version of the bill.

The healthcare bill failure spelled uncertainty for President Donald Trump`s agenda of tax reform and an infrastructure overhaul, leaving the president without any major legislative accomplishments six months into his tenure.

News on the healthcare bill sent the U.S. dollar to a 10-month low against a basket of major currencies.

"Investor sentiment is pessimistic this morning," said Naeem Aslam, chief market analyst at Think Markets UK.

"The fiasco of the healthcare bill means that the tax reforms or the so called infrastructure spending plan are in jeopardy."

UnitedHealth Group fell 0.2 percent, while Johnson and Johnson fell 0.4 percent.

At 9:34 a.m. ET (1334 GMT), the Dow Jones Industrial Average was down 61.69 points, or 0.29 percent, at 21,568.03, the S&P 500 was down 5.71 points, or 0.23 percent, at 2,453.43.

The Nasdaq Composite was down 16.48 points, or 0.26 percent, at 6,297.95.

Eight of the 11 major S&P 500 sectors were lower, with the healthcare index`s 0.50 percent fall leading the decliners.

As the earnings season gets under way, the market will be keeping a close eye on corporate results to see if the high valuations are justified in the face of mixed economic data, tepid inflation and policy gridlock in Washington.

Analysts` are estimating an 8.2 percent rise in second-quarter earnings for the S&P 500 companies from a year earlier.

This follows a robust first quarter when U.S. companies posted their best earnings since 2011, according to Thomson Reuters I/B/E/S.

IBM, United Continental Holdings, CSX and Navient are among the companies scheduled to report results after the bell.

Netflix jumped 8.8 percent after the streaming-television pioneer`s added more subscribers than expected in the second quarter.

Declining issues outnumbered advancers on the NYSE by 1,552 to 899. On the Nasdaq, 1,596 issues fell and 631 advanced.

(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:

LATEST NEWS

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range; says global markets, Q4 results to drive street

iPhone game for kids secretly turns into casino

Vivek, Tamil actor and comedian, passes away at 59 in Chennai hospital

GOOD NEWS! Modi Govt slashes Remdesivir MRP by half, with retro-effect—This is how much it will cost you now

SSC CGL Result 2018 released on ssc.nic.in: Steps to check and download explained

Cipla shares hit new high; Sharekhan pegs target at Rs 1100 as Pharma giant doubles Remdesivir production

Glenmark Pharma share price: Expert says HUGE value unlocking; reveals two BUY targets

Global Covid-19 caseload tops 139.6 million cases

Katrina Kaif tests negative for COVID-19

Expert recommends BUY ACC with price target of Rs 2100, stop-loss Rs 1850

  • 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