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Dow Drops 107, Nasdaq Slides 56
On Tuesday, stocks eased below recent records as earning reports began rolling in. The S&P 500 fell 0.4%, with most of the companies in the benchmark index losing ground. Banks, industrial stocks and companies that rely on consumer spending accounted for a big share of the decline. Technology stocks bucked the trend, helping counter some of the broader slide.
By Damian J. Troise & Alex Veiga | July 13, 2021 | 5:01 p.m. ET.
Stocks gave up early gains and closed broadly lower Tuesday as investors weighed the latest quarterly earnings reports from big U.S. companies and new data pointing to rising inflation.
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
Ahn Young-joon - staff, AP
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
Wall Street is lower in profits for investors, as inflation rises as Financial Market News
Shares gave initial gains and closed lower on Tuesday as investors weighed in on new quarterly earnings reports and a rise in inflation for large U.S. companies.
The S&P 500 fell 0.4 percent as most benchmark companies lost ground. Banks, industrial stocks and companies based on consumer spending have experienced a large share of the decline.
Technology stocks outperformed the trend, helping them cope with a wider range of slides. Shares of small businesses suffered some of the biggest losses.
The decline brought the stock market indices below the record highs set earlier in the day. Treasury yields rose.
Trader Robert Gasparino works on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation. (AP Photo/Richard Drew) Trader Richard Brophy works on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation. (AP Photo/Richard Drew) Trader Jonathan Mueller works in his booth on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation. (AP Photo/Richard Drew)