Market Retreat: Mixed Earnings and Economic Signals Weigh on Indices
The S&P 500 and Nasdaq fell from record highs as mixed corporate earnings and economic data influenced market sentiment ahead of a Federal Reserve policy update. Key sectors, such as health, transport and manufacturing, saw declines following disappointing earnings reports. Major tech company results are expected to sway markets soon.
The S&P 500 and Nasdaq retreated from record highs on Tuesday, with investors reeling from disappointing corporate earnings and mixed economic data ahead of the Federal Reserve's policy statement. Key Dow components, including UnitedHealth, Boeing, and Merck, saw declines after releasing weaker-than-expected quarterly results.
UnitedHealth led the downturn, plunging 5.2% following a bleak profit forecast. Boeing dropped 3.7% even after reporting a smaller-than-expected quarterly loss, while Merck decreased by 2.6%, delaying its HPV vaccine shipments to China due to sinking demand until at least 2025.
Investor focus now turns to tech giants Microsoft, Meta, Apple, and Amazon, whose upcoming earnings reports could significantly sway market dynamics. Meanwhile, U.S.-EU trade deals and ongoing U.S.-China trade negotiations provide a backdrop of uncertainty amid Trump's tougher tariff policies.
(With inputs from agencies.)
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