Breaking News
0

Stocks - Dow Down, but Claws Back Bulk of 548-Point Slump

Stock MarketsOct 23, 2018 04:03PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The Dow fell about 548 points intraday Tuesday.

Investing.com - The Dow closed lower, but clawed back most of its big intraday losses as bargain-seeking investors swooped in on a handful of beaten-down companies offsetting weakness in industrials.

The Dow Jones Industrial Average fell about 0.5%, but closed well above its session low of 24,768. The S&P 500 fell 0.55%, while the Nasdaq Composite fell 0.42%.

Tech stocks bounced from session lows as investors took advantage of an intraday slump and piled into blue chips, pushing the tech-heavy Nasdaq out of correction territory.

Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Google-parent Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) closed higher.

The reversal in some tech blue chips from intraday lows comes ahead of a deluge of corporate earnings for the sector from Microsoft (NASDAQ:MSFT) due Wednesday, along with Alphabet, Twitter (NYSE:TWTR) and Amazon.com (NASDAQ:AMZN) slated for Thursday.

Wall Street's attempt to close above the flatline was limited by plunging industrials as investors mulled over mixed earnings from heavyweights Caterpillar (NYSE:CAT), 3M (NYSE:MMM) and United Technologies (NYSE:UTX).

The S&P 500 Industrials closed more than 1% down.

McDonald's (NYSE:MCD), meanwhile, served up above-forecast earnings and revenue, sending its shares soaring about 6%. While a surge in shares of PulteGroup (NYSE:PHM) bolstered homebuilders after posting better-expected third-quarter results, buoyed by an increase in homebuilding revenues.

Energy, meanwhile, also pressured the border market, as oil prices plunged 4% as Saudi Arabia vowed to meet the global oil demand as sanctions on Iran, slated for Nov. 4, are expected to dent global oil supplies.

In trade, meanwhile, Larry Kudlow, top White House economic advisor, told reporters that President Donald Trump will meet with China's president, Xi Jinping, next month at the G-20 summit in Buenos Aires, Argentina, raising investor hopes that both leaders will seek to deescalate trade tensions.

On the corporate news front, Tesla (NASDAQ:TSLA) rallied more than 12% as Wall Street turned bullish on the automaker after the company unexpectedly announced it would release third-quarter results Wednesday, which CEO Elon Musk has said would show a profit for the period.

In an effort to streamline production at its assembly factor, Tesla said Tuesday it will eliminate some interior design options for the Model S sedan and Model X sport utility vehicle.

Texas Instruments (NASDAQ:TXN), meanwhile, fell more than 5% in after-hours trade after providing soft fourth-quarter guidance and missing third-quarter revenue estimates.

Top S&P 500 Gainers and Losers Today:

Cadence Design Systems (NASDAQ:CDNS), PulteGroup (NYSE:PHM) and McDonald’s (NYSE:MCD) were among the top S&P 500 gainers for the session.

DISH Network (NASDAQ:DISH), Caterpillar (NYSE:CAT) and Diana Shipping (NYSE:DSX) were among the worst S&P 500 performers of the session.

Stocks - Dow Down, but Claws Back Bulk of 548-Point Slump
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email