Live Markets: Wall Street edges down with earnings in focus, small caps shine

A O Smith

23/07/2024 21:26

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      Main indexes end slightly red
    

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      Materials lead S&P 500 sector gainers; Energy down most
    

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      Dollar up a bit; gold adds ~0.3%; crude off >1%; bitcoin
off >3%
    

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      U.S. 10-Year Treasury yield edges down to ~4.25%
    

  
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    WALL STREET EDGES DOWN WITH EARNINGS IN FOCUS, SMALL CAPS
SHINE
    The S&P 500  .SPX  fell 0.16% and the Nasdaq composite
 .IXIC  closed off 0.06% on Tuesday as investors digested the
latest quarterly reports from large U.S. companies and waited
for the next batch of megacap reports. 
    However, the Russell 2000  .RUT  for the second day in a
row, noticeably outperformed large-cap companies, with an 1%
advance on Tuesday and Monday's gain of 1.7% vs 1.1% for the
S&P. 
    From Tuesday morning's earnings crop, United Parcel Service
 UPS.N  shipped investors to the exits at the fastest pace,
closing down 12%.
    UPS cut its 2024 operating margin target as new e-commerce
customers - identified by industry experts and shoppers as Shein
and Temu - flooded its network with slower, lower-profit
shipments. This drove a shift from premium air services to less
expensive ground service and from ground to more economical
SurePost services, where UPS picks up packages and hands about
60% off to the U.S. Postal Service for final delivery. 
    General Motors  GM.N  shares ended down 6.5% after it
indefinitely delayed its planned self-driving Origin vehicle
while investors seem to shrug at its Q2 profit and revenue beat
and its annual profit forecast increase.
    Shares in water heater maker A. O. Smith  AOS.N  fell 9.4%
after its quarterly earnings took a hit from higher steel prices
and a slow recovery in U.S. home sales, its biggest market.
    On the brighter side, shares of Sherwin-Williams  SHW.N 
closed up 6.9% after the paint maker raised its 2024 adjusted
its profit forecast although its Q2 net sales missed
expectations.
    Of the S&P 500's 11 major sectors, energy  .SPNY  was the
biggest index point drag, while financials  .SPSY  was the
biggest boost. The biggest percentage gainer was materials
 .SPLRCM , up 0.4%, while energy was the biggest percentage
loser, off 1.6% as U.S. crude oil settled down 1.8%
    Here is your closing snapshot:
    
      
    (Sinéad Carew)
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    FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
    
    Q2 EARNINGS REPORTING PICKS UP STEAM, FORECAST RISES - CLICK
HERE
    
    LONGER WAIT FOR AIRLINE RESULTS TAKE-OFF - CLICK HERE
    
    BOFA CLIENTS LOG THEIR LARGEST NET SALES OF EQUITIES SINCE
2015 - CLICK HERE
    
    EXISTING HOME SALES TANK, PRICES HIT RECORD HIGH,
INVENTORIES CLIMB - CLICK HERE
    
    WALL STREET INDEXES EDGE UP WITH EARNINGS MIXED - CLICK HERE
    
    SMALL-CAP RUSSELL 2000: MORE THRUST, OR BUST? - CLICK HERE
    
    TRUMP STANDS IN THE WAY OF "BROADENING" TO NON-US STOCKS,
CITI SAYS - CLICK HERE
    
    THE $1 BILLION DISRUPTION - CLICK HERE
    
    EUROPEAN STOCKS MOSTLY LOWER, GERMANY OUTPERFORMS - CLICK
HERE
    
    EUROPEAN FUTURES MIXED, EARNINGS KICK INTO GEAR - CLICK HERE
    
    TESLA, ALPHABET EARNINGS TAKE CENTRE STAGE - CLICK HERE


       
    
  

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Wall Street main indexes edge down but small caps rally    https://tmsnrt.rs/3LCfDej
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