tocks fell yesterday as shares of heavy-equipment maker Caterpillar and semiconductor companies tumbled after they reported earnings, ending the S&P 500’s four-session streak of record high finishes.
Results from Caterpillar and Boeing, two Dow components, illustrated the quarter’s mixed picture of corporate results and outlooks, which have some investors worried.
Caterpillar was one of the biggest decliners on the S&P, slumping 6.2 per cent to $83.62 after the manufacturer cut its full-year outlook for a third time and its profit missed expectations. That sent shares tumbling.
On the upside, Boeing surged 5.3 per cent to $129.02 after airplane maker reported a rise in adjusted profit and raising its full-year forecast. After the market closed, both AT&T and TripAdvisor reported revenue that was slightly below Wall Street's estimates. AT&T’s revenue grew from the previous quarter to $32.16bn compared with Wall Street estimates for $32.19bn.
TripAdvisor’s revenue rose 20 per cent to $255.1m in the third quarter, below analysts’ expectations of $255.9m. TripAdvisor shares in extended-hours trading were up 5 per cent to $79.25 after closing down 0.3 per cent at $75.21 in the regular session. AT&T shares were flat.
The Dow Jones industrial average was down 54.40 points, or 0.35 percent, at 15,413.26. The Standard & Poor’s 500 Index was down 8.31 points, or 0.47 per cent, at 1,746.36. The Nasdaq Composite Index was down 22.49 points, or 0.57 per cent, at 3,907.07.