Singapore markets open in 2 hours 48 minutes
  • Straits Times Index

    -15.92 (-0.47%)
  • S&P 500

    -52.79 (-1.30%)
  • Dow

    -260.99 (-0.77%)
  • Nasdaq

    -227.90 (-1.96%)

    -1,031.74 (-4.34%)
  • CMC Crypto 200

    -22.91 (-4.26%)
  • FTSE 100

    +19.72 (+0.25%)
  • Gold

    -6.60 (-0.34%)
  • Crude Oil

    -1.87 (-2.35%)
  • 10-Yr Bond

    +0.0330 (+0.94%)
  • Nikkei

    +50.84 (+0.19%)
  • Hang Seng

    -619.17 (-2.73%)
  • FTSE Bursa Malaysia

    +1.84 (+0.12%)
  • Jakarta Composite Index

    -26.50 (-0.38%)
  • PSE Index

    -81.19 (-1.15%)

S&P 500 cuts losses as earnings season heats up ahead of Microsoft earnings

By Yasin Ebrahim -- The S&P 500 cut the bulk of losses Tuesday, but investors had to contend with wild swings as tech took a breather and investors digested a slew of mixed quarterly results ahead of earnings from Microsoft.

The S&P 500 was flat, Dow Jones Industrial Average gained 0.3%, or 107 points, and the Nasdaq Composite was down 0.24%.

Tech was roughly unchanged on the day as gains in Apple (NASDAQ:AAPL) were offset by a wobble in Alphabet (NASDAQ:GOOGL) as the latter attracted further regulatory scrutiny.

The U.S. Justice Department filed a lawsuit against Google, alleging that the search-engine giant violated antitrust laws by abusing its monopoly in ad technology.

Chip stocks gave back some gains from a day earlier on struggles in Advanced Micro Devices (NASDAQ:AMD) as Bernstein downgraded the chipmaker to Market Perform from Outperform, citing weakness in the personal computer and new parts markets.

The sluggish direction in tech comes just as Microsoft Corporation (NASDAQ:MSFT) and chip bellwether Texas Instruments Incorporated (NASDAQ:TXN) are set to report quarterly results after the closing bell.

Industrials, however, helped the broader market cut the bulk of its intraday losses, led by an 8% surge in PACCAR Inc (NASDAQ:PCAR) after the track manufacturing firm reported quarterly results that beat on both the top and bottom lines.

Defense companies including Raytheon Technologies Corp (NYSE:RTX) and Lockheed Martin Corporation (NYSE:LMT) also underpinned gains in the sector following the latter’s quarterly results that topped estimates.

Elsewhere on the earnings front, material maker 3M Company (NYSE:MMM) slumped more than 4% after quarterly earnings missed estimates and the company flagging a slowdown demand announcing 2,500 layoffs.

Zions Bancorporation (NASDAQ:ZION), meanwhile, fell nearly 2% as its better-than-expected fourth-quarter earnings per share was offset by a gloomy outlook as CEO Harris Simmons said the bank was socking away more money to protect against a slowing economy.

In meme-related news, Bed Bath & Beyond (NASDAQ:BBBY) continued to put the squeeze on short sellers, rallying more than 11% even as the retailer is widely expected to be on the brink of bankruptcy.

Related Articles

Europe regulator says 'hopefully converging' with Boeing on 777X

Rupert Murdoch scraps proposal to combine Fox, News Corp