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Stocks - S&P Struggles on Brexit Storm, Boeing Changes, Tech Weakness

Stock MarketsOct 22, 2019 05:06PM ET
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Investing.com – Stocks on Wall Street fell back modestly Tuesday, buffeted by political undertainty in Britain, tech weakness at home and a big change at Boeing (NYSE:BA).

The S&P 500 slipped 0.36% and fell back under 3,000. It lasted just one day above 3,000 after a month of closes under that level, which has proved a stubborn resistance level.

The Dow Jones Industrial Average fell 0.15% on weakness in Travelers Companies NYSE:TRV) and McDonald’s (NYSE:MCD).

The Nasdaq Composite fell back 0.72% on weakness in such stocks as Facebook (NASDAQ:FB), Advanced Micro Devices I(NASDAQ:AMD) and Microsoft (NASDAQ:MSFT). Microsoft reports fiscal-first-quarter earnings after Wednesday's close.

Tech shares may be pressured again on Wednesday after Texas Instruments (NASDAQ:TXN) fell 10% postmarket after offering a gloomy outlook.

The S&P fell back in part because of the uncertainty from Britain after Prime Minister Boris Johnson lost a key vote on taking the United Kingdom out of the European Union. Parliament voted against Johnson's fast-track timetable, putting into doubt the ability for the U.K. to leave with a deal by the Oct. 31 deadline, and it may lead to new elections.

Boeing shares moved 1.8% higher after the aerospace giant said Kevin McAllister is stepping aside as president of Boeing Commercial Airplane, the division that makes the now-grounded 737 MAX airliner. He is the highest-profile executive affected by the crisis that erupted when two 737 MAX planes crashed and killed 346 people.

Boeing reports third-quarter results before Wednesday's open and CEO Dennis Muilenburg is expected to testify before Congress next week.

McDonald's shares, down 5%, weighed on the Dow and other fast-food stocks after earnings missed estimates. Chipotle Mexican Grill (NYSE:CMG) was off 2.4% in regular trading and sank slightly postmarket despite reporting $3.82 a share in earnings, up from $1.16 a share a year ago. Revenue was up nearly 14% at $1.4 billion and ahead of the $1.38 estimate of analysts followed by Investing.com.

Shares of ride-sharing company Lyft (NASDAQ:LYFT) rose 6.56% after founders Logan Green and John Zimmer told attendees at a Wall Street Journal event the company expects to show positive "adjusted EBITDA" (earnings before interest, taxes, depreciation and amortization) in the fourth quarter of 2021, a year earlier than Wall Street expected. Shares of rival Uber (NYSE:UBER) rose 3.57%.

Meanwhile, Nike (NYSE:NKE) shares rose 0.9% after hours after the athletic-footware-and-equipment maker said Mark Parker, CEO since 2006, will step aside in January. He will remain board chairman. John Donahoe has been named to succeed Parker. Donahoe has been CEO of ServiceNow (NYSE:NOW), which fell 6% in after-hours trading.

Oil prices moved higher on speculation OPEC may order more production cuts next year. OPEC meets in December.

Gold Futures were little changed. Interest rates were modestly lower. The 10-Year Treasury yield fell to 1.768% from Monday's 1.792%.

Biogen (NASDAQ:BIIB) was the top S&P 500 performer on news its treatment for Alzheimer’s disease, aducanumab, shows promise in reducing signs of the disease in a sample of patients.

Also among the top performers were Harley-Davidson (NYSE:HOG), Under Armour (NYSE:UAA) and L Brands (NYSE:LB).

Toymaker Hasbro (NASDAQ:HAS) was the biggest S&P 500 loser because of weak earnings. Also lower were insurance giant Travelers Companies (NYSE:TRV), McDonald’s (NYSE:MCD) and software and engineering company Cadence Design Systems (NASDAQ:CDNS).

Stocks - S&P Struggles on Brexit Storm, Boeing Changes, Tech Weakness
 

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Wai Chong
Wai Chong Oct 22, 2019 9:33PM ET
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Brexit storm is just an excuse. It has dragged for so long, market has got used to it. It is used as an excuse to pull share prices down.
chucky wall
chucky wall Oct 22, 2019 4:49PM ET
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between the democrats in the US trying to undo 2016, and England trying to undo the Brexit vote we see that we live in a world of globalists who try to push their own agenda and direction despite the will of the masses. the corruption in this world knows no depths.
Steven Chen
Gamer_LG Oct 22, 2019 4:49PM ET
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lmao. will of the mass? trump lost popular vote but won electoral, brexit won popular but losing parliament, so tell me which mass are you referring to? you want it both ways right? anything you like must be will of the mass. lmao.
eddie glass
eddie glass Oct 22, 2019 4:49PM ET
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Gamer_LGCalifornia not requiring voter ID and allowing millions of illegal votes is not the will of the masses. Trump won the US election legitimately through established constitutional method. If the US was a direct democracy then I would agree with you. Brexit also passed through established agreed upon methods, parliament chose to play games like the democrats in the US to attempt to hinder/obstruct and overturn the results. I never said the will of the masses is equal to a direct democracy, I said the will of the masses means that when votes happen and a outcome happens it should be adhered to. We are seeing attempts by globalists and other entities to overturn election outcomes.
eddie glass
eddie glass Oct 22, 2019 4:49PM ET
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Gamer_LGfor the record, the electoral college was established to prevent situations just like Hillary and 2016. Trump was over 90% of the country in terms of geography. allowing one large state to determine the outcome of every election is not representative of the masses. especially corrupt voter fraud states like California. a large corrupt state could win every election, and that is part of why we have the electoral college. as i stated to you if the US was a direct democracy, then I would agree with you. What I am referring to in my post is that it defeats the purpose of even having the illusion of a vote when corrupt political figure attempt to obstruct and overturn the outcomes. Just because the outcome of the vote is not they way you want it does not mean you should just keep holding votes until you get the outcome you want or try to impeach individuals just because they are not who you wanted in office.
 
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