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
Business News » World News

Wall Street pares losses but GE-led industrials weigh

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Fri, Jul 21, 2017
10:54 pm
Reuters

U.S. stock indexes pared losses, helped by a rise in Visa in early afternoon trading on Friday, but weak earnings from industrial heavyweight General Electric weighed.

Shares of GE fell as much as 5.4 percent to their lowest level since Oct 2015, as the company reported a nearly 60 percent slump in profit and its 2017 profit forecast came in at the low end.

The stock`s fall weighed on other industrials such as Caterpillar and 3M.

Visa rose 1.8 percent after the world`s largest payments network operator raised its annual earnings forecast. The stock was the top boost on the Dow and the S&P.

"We`ve had a good run for the last few weeks and investors are primarily digesting earnings today," said Erick Ormsby, chief executive of Alcosta Capital Management.

"GE`s results were okay but they guided lower and that`s weighing on the market too."

Microsoft fell 0.7 percent, despite the company reporting strong fourth-quarter earnings.

Attention will turn to earnings from big tech names next week, including Amazon, Alphabet and Facebook.

The Nasdaq came off its 10-day streak of gains, its best since February 2015, after closing at record levels on Thursday.

The tech sector, however, continues to be the best performing S&P sector this year, despite concerns over stretched valuation, as investors look for growth from sectors relatively immune to a policy gridlock in Washington.

"If tech earnings were to disappoint, it might finally be the thing that causes a correction, even if it`s a small one," said J.J. Kinahan, chief market strategist at TD Ameritrade.

Still, overall earnings are expected to be good with analysts expecting earnings to have climbed 8.6 percent, above the 8-percent rise projected at the start of the month, according to Thomson Reuters I/B/E/S.

At 12:39 p.m. ET (1639 GMT), the Dow Jones Industrial Average was down 52.63 points, or 0.24 percent, at 21,559.15, the S&P 500 was down 2.98 points, or 0.12 percent, at 2,470.47.

The Nasdaq Composite was down 5.61 points, or 0.09 percent, at 6,384.39.

A rise in Netflix and biotech stocks Celgene and Gilead helped limit losses on the tech-heavy index.

The S&P and the Nasdaq are on track to close higher for the third straight week.

Nine of the 11 major S&P sectors were lower, with the industrials and energy sectors leading the decliners.

Oil prices fell more than 2 percent after a consultancy report forecast a rise in OPEC production for July despite the group`s pledge to curb output. [O/R]

Honeywell International rose 1.2 percent after the technology and manufacturing company raised the low-end of its profit forecast.

Declining issues outnumbered advancers on the NYSE by 1,651 to 1,119. On the Nasdaq, 1,601 issues fell and 1,158 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

Income Tax Refund Status: Yet to get credit after seven days of ITR filing? Check for these common mistakes

Budget 2021 Expectations LIVE: What India Inc. wants from Modi government, Nirmala Sitharaman?

CESC share price: Acquire 23.18% equity shares in associate company NPCL

Furious Pirlo says Juventus could not have done worse in Inter loss

PUBG Mobile India launch tomorrow? Check trailer and other reports and latest updates

IRFC IPO Review: Anil Singhvi says IRFC shares will yield better returns than FDs - Details inside

Zero fee, no hidden charge on UPI payments to merchants! Encouraging MSMEs, small businesses to adopt digital payments

Sidharth Malhotra ''overwhelmed by love, care'' posts on birthday

Delhi schools reopen for Classes 10, 12 from today | From parents' consent to short class hours, all mandatory Covid 19 guidelines students must know

IRFC IPO Review: ICICI Securities on Indian Railway Finance Corporation issue

  • 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