Off the wire
• 2nd LD Writethru: U.S. Air Force training jet crashes in Mississippi, 2 pilots safe  • UN chief calls for rooting out corruption  • Rwandan, Ethiopian leaders to visit Chinese-built industrial park  • Nigeria wraps up summit to woo investors  • S. Africa consumer inflation rises to 4.5 pct in April  • Ethiopia's exiled group lauds encouraging political reforms  • Over 20,000 South Sudanese flee to Ethiopia since January: UN  • Kenyan police to visit China for railway security training  • Zimbabwe's unemployment rate at 6.6 percent: gov't survey  • Rwanda, Angola sign airspace agreement  
You are here: 　

U.S. stocks trade lower amid earnings

Xinhua,May 24, 2018 Adjust font size:

NEW YORK, May 23 (Xinhua) -- U.S. stocks traded lower on Wednesday as investors were digesting a batch of quarterly earnings reports.

At midday, the Dow Jones Industrial Average decreased 123.52 points, or 0.50 percent, to 24,710.89. The S&P 500 was down 7.93 points, or 0.29 percent, to 2,716.51. The Nasdaq Composite Index sank 3.74 points, or 0.05 percent, to 7,374.71.

Several major U.S. retailers reported earnings on Wednesday.

Shares of Minneapolis-based Target decreased more than 5 percent around midday after it reported first-quarter earnings that missed analysts' expectations.

Luxury jeweler Tiffany had a bright morning on Wednesday. Its shares surged over 19 percent at midday after the high-end jeweler delivered quarterly results that easily beat analysts' estimates.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the first quarter of 2018 are expected to rise by 26.2 percent year on year, while the revenues are forecast to increase 8.2 percent.

Meanwhile, investors kept a close eye on the minutes from the Federal Reserve's latest meeting, which is scheduled for release Wednesday afternoon. Enditem

 

Related News & Photos