US: Stocks mixed after uneven batch of earnings
WALL Street stocks were mixed at the end of a choppy session Tuesday as investors digested an uneven set of results from US corporate giants including Verizon and 3M.
Verizon jumped 2.0 per cent after scoring higher revenues on strong subscriber trends, while 3M dived 6.2 per cent as it announced job cuts in the wake of a weak macroeconomic outlook.
Analysts have been cautious about the fourth-quarter period in light of inflation and higher interest rates that have dented hopes for growth.
“Earnings were mixed but not terrible,” said Peter Cardillo of Spartan Capital Securities.
The Dow Jones Industrial Average finished up 0.3 per cent at 33,733.96.
The broad-based S&P 500 slipped 0.1 per cent to 4,016.95, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 11,334.27.
Among companies not reporting results, Google parent Alphabet lost 2.0 per cent after the Justice Department announced an antitrust suit involving Google’s ad business, asking that it be broken up to level the playing field for other companies.
Live Nation Entertainment finished 1.4 per cent higher following a bruising hearing on Capitol Hill in which its chief apologised to Taylor Swift and her fans over website outages that prevented ticket sales.
Joe Berchtold, president of Live Nation, told the Senate Judiciary Committee the meltdown came after its Ticketmaster website was “hit with three times the amount of bot traffic than we had ever experienced.” AFP
Share with us your feedback on BT's products and services
