US STOCKS fell yesterday following results from IBM and United Technologies that dampened early optimism over earnings season. Investors were also awaiting quarterly profits from tech giants, including Apple and Microsoft.
The Dow fell one per cent, to 17,919.29, with IBM and United Tech contributing around 118 points to the 181-point drop. The S&P 500 lost 9.07 points, or 0.43 per cent, to 2,119.21 and the Nasdaq Composite dropped 10.74 points, or 0.21 per cent, to 5,208.12.
IBM’s shares were down 5.9 per cent to $163.07, a day after the company’s revenue dropped for the 13th consecutive quarter and fell short of analyst expectations.
Fellow Dow component United Technologies tumbled seven per cent to $102.71 and was the worst performer on the Dow after cutting its full-year profit outlook for the third time this year.