A
rally in U.S. shares stalled Monday, as investors assessed recent gains
before the latest batch of earnings and a Federal Reserve meeting, with
the Standard & Poor’s 500 Index slipping from a nine-week high.
Technology
and energy, two industries that have driven much of the benchmark’s
gains as it heads toward its best month in four years, retreated today.
Apple Inc. lost 3.2 percent to weigh on tech, as supplier Dialog
Semiconductor Plc’s sales and outlook missed analysts’ estimates. Apple
is Dialog’s biggest customer. Chevron Corp. fell 2.7 percent with crude
oil sinking to a two-month low.
The S&P 500 declined 0.2 percent to 2,071.03 at 4 p.m. in New York, after last week erasing its losses for the year.
Pfizer
Inc., Ford Motor Co. and Apple Inc. are among more than 160 S&P 500
companies reporting earnings this week. Analysts project profits at the
index’s members dropped 6.1 percent in the third quarter, with energy
and materials companies showing the steepest decline.
Two
months after the first correction since 2011 broke a yearlong calm in
U.S. equities, the S&P 500 is on the march again, bringing its gain
from its August low to 11 percent, and within 3 percent of its all-time
high set in May. Microsoft Corp., Google parent Alphabet Inc. and
Amazon.com Inc. surged on Friday, adding more than $80 billion in
combined market value on strong earnings reports.
Source : Bloomberg
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