Stock market today: Most of Wall Street slips as traders delay forecasts for rate cuts
NEW YORK (AP) — Stocks slipped Monday following the latest signal that the economy remains strong, which could delay the cuts to interest rates that Wall Street wants.
The S&P 500 fell 15.80 points, or 0.3%, to 4,942.81 from the all-time high set Friday. The Dow Jones Industrial Average dropped 274.30, or 0.7%, to 38,380.12, and the Nasdaq composite edged down by 31.28, or 0.2%, to 15,597.68.
Earnings season is near its midpoint, and roughly half the companies in the S&P 500 have reported their latest results, including many of the market’s most influential. Estee Lauder jumped 12% after it reported better revenue and profit than analysts expected. McDonald’s, meanwhile, fell 3.7% despite reporting stronger profit than expected. Its revenue for the latest quarter fell just short of forecasts.
Companies that have been missing analysts’ estimates for earnings this reporting season have been seeing their stocks get punished even more than usual, according to strategists at Bank of America.
Stocks broadly felt pressure from another jump for yields in the bond market. They rose as traders on Wall Street delayed their expectations for when the Federal Reserve will begin cutting its main interest rate.
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