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New Straits Times
7 minutes ago
- Business
- New Straits Times
Equities close lower as earnings weigh; Fed statement on tap
NEW YORK: US stocks closed lower on Tuesday as the S&P 500 and Nasdaq retreated from record highs after some disappointing corporate earnings, while investors awaited a Federal Reserve policy statement. A host of Dow components reported earnings, with UnitedHealth, Boeing and Merck all closing lower after their quarterly results. Health insurer UnitedHealth stumbled 7.5 per cent and was the biggest drag on the Dow after a disappointing profit forecast, while Boeing declined 4.4 per cent despite reporting a smaller second-quarter loss. Merck dipped 1.7 per cent after the drugmaker reported quarterly results and said it was extending its pause on shipments of HPV vaccine Gardasil to China until at least the end of 2025 due to persistent weakness in demand. "Earnings have been a bit of a mix. Economic data has been somewhat mixed too, but not enough to move the needle in terms of the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "The next two days, you have Microsoft, Meta, Apple, Amazon - those are big companies, and they will move markets depending on how the earnings are and how the outlooks are." Earnings from megacaps Meta, Microsoft, Amazon and Apple are due this week and are likely to have a strong influence on market direction due to their large market weightings. The Dow Jones Industrial Average fell 204.57 points, or 0.46 per cent, to 44,632.99, the S&P 500 lost 18.91 points, or 0.30 per cent, to 6,370.86 and the Nasdaq Composite lost 80.29 points, or 0.38 per cent, to 21,098.29. United Parcel Service shares plunged 10.6 per cent as the package delivery company posted earnings and again declined to issue annual revenue and margin forecasts, deepening concerns that US President Donald Trump's continually changing trade policy is weighing on the company. That helped drag down the Dow Jones Transport Average by 2.3 per cent for its biggest daily percentage decline since May 21. Likewise, Whirlpool plummeted 13.4 per cent after the home appliances maker slashed its annual earnings forecast and dividend, citing pressure from a pull-forward in imports by rivals ahead of Trump's tariffs. Procter & Gamble shares shed 0.3 per cent, as the maker of consumer goods such as dish soap and toilet paper forecast annual results below estimates and said it would raise prices on some products to offset the tariff impact. Nearly 200 S&P 500 components have reported earnings and are posting results 6.4 per cent above expectations, according to LSEG data, compared with an average of 6.3 per cent over the last four quarters. On the economic front, consumer confidence in July increased more than expected to 97.2. In June, US job openings and hiring, or JOLTS data, had decreased, pointing to a further slowdown in labor market activity. The JOLTS report was the first in a string of data on the labor market this week, culminating in Friday's government payrolls report. The Fed is largely expected to leave rates unchanged at its policy announcement on Wednesday. Remarks by Fed Chair Jerome Powell will be closely monitored to gauge the timing of any potential rate cuts. Key negotiations between the US and China completed their second day in Stockholm as the world's two leading economies aim to resolve their trade conflict, with Trump saying he was told by Treasury Secretary Scott Bessent that the latter had a very good meeting with Chinese officials. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE and by a 2.08-to-1 ratio on the Nasdaq. The S&P 500 posted 32 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 76 new highs and 83 new lows. Volume on US exchanges was 18.01 billion shares, compared with the 17.89 billion average for the full session over the last 20 trading days.
Yahoo
2 hours ago
- Business
- Yahoo
US stocks close lower as earnings weigh; Fed statement on tap
STORY: U.S. stocks closed lower on Tuesday, with the Dow dropping nearly half a percent and the S&P 500 and Nasdaq each shedding roughly a third of a percent. A host of Dow components reported earnings, including UnitedHealth. Shares of the health insurer stumbled 7.5% and were the biggest drag on the blue-chip index after a disappointing profit forecast. Mike Mussio is president of FBB Capital Partners. "A little bit of a pullback here on some some weak earnings numbers from some fairly significant companies. UnitedHealthcare reinstated guidance, but it was below what folks were expecting, so that's weighing on the Dow for sure. And so, you know, puts and takes, it's healthy to have some red days on the screen as long as they're not too red, but to have some red days to offset some of the green days." Shares of Boeing dropped nearly 4.5% despite the planemaker reporting a smaller second-quarter loss. Merck's stock dipped more than 1.5% after its quarterly results. The drugmaker said it was extending its pause on shipments of HPV vaccine Gardasil to China until at least the end of 2025 due to weak demand. Related Videos Market sluggishness, dollar & yields, oil: Market takeaways Visa, Booking, Mondelez all beat on earnings: After-hours movers Freshworks CEO talks Q2 earnings, AI, and taking on the software giants eToro launches 24/5 trading. What will take to get to 24/7? UPS shares plunged 10.5% after the delivery giant again declined to issue annual revenue and margin forecasts, deepening concerns that President Trump's continually changing trade policy is weighing on the company. And shares of Whirlpool spiraled about 13.5% after the home appliances maker slashed its annual earnings forecast and dividend, citing pressure from a pull-forward in imports by rivals ahead of Trump's tariffs. Investors now turn their attention to the conclusion of the Federal Reserve's policy meeting on Wednesday. Remarks by Chair Jerome Powell will be closely monitored to gauge the timing of any potential rate cuts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
2 hours ago
- Business
- The Star
US stocks close lower as earnings weigh
The Dow fell 204.57 points, or 0.46%, to 44,632.99, the S&P 500 lost 18.91 points, or 0.30%, to 6,370.86 and the Nasdaq lost 80.29 points, or 0.38%, to 21,098.29. NEW YORK: US stocks closed lower on Tuesday as the S&P 500 and Nasdaq retreated from record highs after some disappointing corporate earnings, while investors awaited a Federal Reserve policy statement. A host of Dow components reported earnings, with UnitedHealth, Boeing and Merck all closing lower after their quarterly results. Health insurer UnitedHealth stumbled 7.5% and was the biggest drag on the Dow after a disappointing profit forecast, while Boeing declined 4.4% despite reporting a smaller second-quarter loss. Merck dipped 1.7% after the drugmaker reported quarterly results and said it was extending its pause on shipments of HPV vaccine Gardasil to China until at least the end of 2025 due to persistent weakness in demand. "Earnings have been a bit of a mix. Economic data has been somewhat mixed too, but not enough to move the needle in terms of the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "The next two days, you have Microsoft, Meta, Apple, Amazon - those are big companies, and they will move markets depending on how the earnings are and how the outlooks are." Earnings from megacaps Meta, Microsoft, Amazon and Apple are due this week and are likely to have a strong influence on market direction due to their large market weightings. The Dow Jones Industrial Average fell 204.57 points, or 0.46%, to 44,632.99, the S&P 500 lost 18.91 points, or 0.30%, to 6,370.86 and the Nasdaq Composite lost 80.29 points, or 0.38%, to 21,098.29. United Parcel Service shares plunged 10.6% as the package delivery company posted earnings and again declined to issue annual revenue and margin forecasts, deepening concerns that US President Donald Trump's continually changing trade policy is weighing on the company. That helped drag down the Dow Jones Transport Average by 2.3% for its biggest daily percentage decline since May 21. Likewise, Whirlpool plummeted 13.4% after the home appliances maker slashed its annual earnings forecast and dividend, citing pressure from a pull-forward in imports by rivals ahead of Trump's tariffs. Procter & Gamble shares shed 0.3%, as the maker of consumer goods such as dish soap and toilet paper forecast annual results below estimates and said it would raise prices on some products to offset the tariff impact. Nearly 200 S&P 500 components have reported earnings and are posting results 6.4% above expectations, according to LSEG data, compared with an average of 6.3% over the last four quarters. On the economic front, consumer confidence in July increased more than expected to 97.2. In June, US job openings and hiring, or JOLTS data, had decreased, pointing to a further slowdown in labour market activity. The JOLTS report was the first in a string of data on the labour market this week, culminating in Friday's government payrolls report. The Fed is largely expected to leave rates unchanged at its policy announcement on Wednesday. Remarks by Fed chair Jerome Powell will be closely monitored to gauge the timing of any potential rate cuts. Key negotiations between the US and China completed their second day in Stockholm as the world's two leading economies aim to resolve their trade conflict, with Trump saying he was told by Treasury Secretary Scott Bessent that the latter had a very good meeting with Chinese officials. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE and by a 2.08-to-1 ratio on the Nasdaq. The S&P 500 posted 32 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 76 new highs and 83 new lows. Volume on US exchanges was 18.01 billion shares, compared with the 17.89 billion average for the full session over the last 20 trading days. — Reuters
Reuters
5 hours ago
- Business
- Reuters
Equities close lower as earnings weigh; Fed statement on tap
NEW YORK, July 29 (Reuters) - U.S. stocks closed lower on Tuesday as the S&P 500 and Nasdaq retreated from record highs after some disappointing corporate earnings, while investors awaited a Federal Reserve policy statement. A host of Dow components reported earnings, with UnitedHealth (UNH.N), opens new tab, Boeing (BA.N), opens new tab and Merck (MRK.N), opens new tab all trading lower after their quarterly results. Health insurer UnitedHealth was the biggest drag on the Dow after a disappointing profit forecast, while Boeing declined despite reporting a smaller second-quarter loss. Merck dipped after the drugmaker reported quarterly results and said it was extending its pause on shipments of HPV vaccine Gardasil to China until at least the end of 2025 due to persistent weakness in demand. "Earnings have been a bit of a mix. Economic data has been somewhat mixed too, but not enough to move the needle in terms of the Fed," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "The next two days, you have Microsoft, Meta, Apple, Amazon - those are big companies, and they will move markets depending on how the earnings are and how the outlooks are." Earnings from megacaps Meta (META.O), opens new tab, Microsoft (MSFT.O), opens new tab, Amazon (AMZN.O), opens new tab and Apple (AAPL.O), opens new tab are due this week and are likely to have a strong influence on market direction due to their large market weightings. According to preliminary data, the S&P 500 (.SPX), opens new tab lost 18.43 points, or 0.29%, to end at 6,371.34 points, while the Nasdaq Composite (.IXIC), opens new tab lost 74.98 points, or 0.35%, to 21,103.61. The Dow Jones Industrial Average (.DJI), opens new tab fell 193.87 points, or 0.45%, to 44,643.69. United Parcel Service (UPS.N), opens new tab shares plunged as the package delivery company posted earnings and again declined to issue annual revenue and margin forecasts, deepening concerns that U.S. President Donald Trump's continually changing trade policy is weighing on the company. That dragged the Dow Jones Transport average (.DJT), opens new tab down and it suffered its biggest daily percentage decline since late May. Likewise, Whirlpool (WHR.N), opens new tab plummeted after the home appliances maker slashed its annual earnings forecast and dividend, as the appliance maker cited pressure from a pull-forward in imports by rivals ahead of Trump's tariffs. Procter & Gamble (PG.N), opens new tab shares also fell, as the maker of consumer goods such as dish soap and toilet paper forecast annual results below estimates and said it would raise prices on some products to offset the tariff impact. Nearly 200 S&P 500 components have reported earnings and are posting results 6.4% above expectations, according to LSEG data, compared with an average of 6.3% over the last four quarters. On the economic front, consumer confidence in July increased more than expected to 97.2. In June, U.S. job openings and hiring, or JOLTS data, had decreased, pointing to a further slowdown in labor market activity. The JOLTS report was the first in a string of data on the labor market this week, culminating in Friday's government payrolls report. The Fed is expected to leave rates unchanged at its policy announcement on Wednesday and remarks by Fed Chair Jerome Powell will be closely monitored to gauge the timing of any potential rate cuts. Key negotiations between the U.S. and China completed their second day in Stockholm as the world's two leading economies aim to resolve their trade conflict, with Trump saying he was told by Treasury Secretary Scott Bessent that he had a very good meeting with Chinese officials.
Yahoo
5 hours ago
- Business
- Yahoo
Merck's $3B Shock Move: Is This the End of the Keytruda Era?
Merck & Co. (NYSE:MRK) is entering defense mode. The drugmaker announced a sweeping $3 billion annual cost-cutting program as it braces for a high-stakes showdown: the looming patent expiration of its cancer juggernaut, Keytruda. With biosimilar rivals and U.S. government price controls expected by 2028, Merck is trimming administrative, sales, and R&D costs, while downsizing its real estate footprint. The plan runs through 2027, the last full year before Keytruda's exclusivity ends. While the drug remains a growth engineup 9% in Q2 and ahead of analyst estimatesMerck is shifting capital toward next-gen launches. Meanwhile, Gardasil, its second-largest product, is taking a hit. Shipments to China are now paused through the end of 2025, dragging global sales of the HPV vaccine down 55% last quarter. Warning! GuruFocus has detected 2 Warning Sign with MRK. There's another storm brewing. President Donald Trump's long-signaled pharmaceutical tariffs are about to kick in, starting August 1 with European imports. Broader industry-wide levies could follow. Merck, whose flagship Keytruda is primarily made in Ireland, has already taken precautionary stepsstockpiling inventory and outlining $9 billion in U.S. manufacturing investments over four years. Still, it expects to spend $200 million on tariffs next year, excluding potential new rounds. Shares are down more than 30% over the past 12 months, as investors grow increasingly concerned about what comes after Keytrudaa drug that still drives nearly half the company's total revenue. To fill the coming gap, Merck is leaning hard on a few key bets. Winrevair, its newly approved treatment for a rare lung disease, exceeded expectations in Q2 and is being positioned as a future blockbuster. An easier-to-administer version of Keytrudadelivered via injection rather than infusioncould capture up to 40% of the original's market, if approved later this year. The company's animal health division also surprised to the upside, though other vaccine segments came in below forecasts. Merck's playbook is becoming clear: cut costs, double down on pipeline wins, and prepare for a world where Keytruda's dominance no longer writes the earnings script. This article first appeared on GuruFocus. Sign in to access your portfolio
