Stocks finished lower Tuesday, as investors digested a slew of corporate news and third-quarter earnings results. The Dow lost 39 points, while the S&P 500 declined 0.4%. The Nasdaq Composite was down 0.7%.
In corporate news, Facebook shed 3.9% amid increasing antitrust concerns, while Netflix slid 4.1% on increasing competition worries. Boeing rose 1.8% despite a credit outlook downgrade by S&P Global Ratings. Earnings results also dominated headlines, with nearly a fifth of the S&P 500 companies reporting this week. Procter & Gamble gained 2.6 % after topping analyst estimates amid strength in its premium beauty brands. McDonald’s fell 5% following disappointing quarterly figures that included weak same-store sales growth. United Technologies added 2.2% after the industrial conglomerate exceeded consensus earnings and revenue expectations and lifted its full-year guidance. Travelers lost 8.3% following disappointing quarterly results. Biogen surged 26.1% after announcing plans to file for FDA approval for its Alzheimer’s treatment drug.
On the data front, existing home sales slipped 2.2% in September following an upwardly revised 1.5% gain the prior month. A separate update showed manufacturing activity in the Richmond Fed region improved in October. Treasuries advanced, with the yield on the 10-year note down four basis points to 1.76%. In commodities, WTI crude climbed 1.6% to $54.16/barrel amid reports that OPEC and its allies would contemplate deeper supply cuts.
In geopolitical news, Prime Minister Boris Johnson’s Brexit bill lost a key Parliamentary vote, sending the British pound lower. Meanwhile, positive comments from China’s vice foreign minister helped maintain optimism surrounding a potential U.S.-China trade deal next month.