Major US stock indices fell slightly, as investors evaluated the mixed quarterly reporting unit of the corporate segment.
Procter & Gamble (PG) released solid reports showing earnings of $ 1.37 per share, compared with an average analyst forecast of $ 1.24 per share. The revenue of the consumer goods producer also turned out to be higher than the market forecast, which was facilitated by the high demand for its premium cosmetic brands. The price of PG shares jumped 2.54%.
United Technologies (UTX) reported earnings of $ 2.21 per share, which was $ 0.18 higher than analysts' average forecast. The revenue of the industrial conglomerate was also higher than analysts' estimates, and United Technologies raised its forecasts for the whole of 2019. UTX shares rose 2.33%.
In contrast, a McDonald's (MCD) report revealed that the company earned only $ 2.11 per share, while analysts were expecting $ 2.21 per share. The company's quarterly revenue was also slightly below the average market forecast. MCD shares fell 4.83%.
Travelers' quarterly profit (TRV) was also a disappointment for the market: its EPS was $ 1.43 against an average analyst forecast of $ 2.35. At the same time, the revenue of the insurer company exceeded Wall Street forecasts. TRV shares fell 7.95%.
The market was also supported by Biogen shares (BIIB), which soared 26% after the company announced an unexpected plan to apply for approval of an Alzheimer's drug by the US regulator.
Market participants also analyzed data from the National Association of Realtors (NAR), which showed a more significant than expected drop in sales in the secondary housing market in September. According to data, home sales in the secondary market fell 2.2% in September, to 5.38 million, after rising 1.5%, to 5.50 million in August. Economists had expected sales in the secondary housing market to fall 0.7% to 5.45 million from the 5.49 million originally reported in the previous month.
Most DOW components completed trading in positive territory (17 out of 30). The biggest gainers were The Procter & Gamble Company (PG, + 2.54%). Outsider were the shares of The Travelers Companies (TRV; -7.95%).
Most S&P sectors recorded an increase. The raw materials sector grew the most (+ 0.8%). The largest decline was shown by the technology sector (-1.0%).
At the time of closing:
Dow 26,788.10 -39.54 -0.15%
S&P 500 2,995.99 -10.73 -0.36%
Nasdaq 100 8,104.30 -58.69 -0.72%
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