Saturday, 3 June 2023

US markets tepid on earnings concerns

Wall Street stocks mostly slipped on Wednesday, pulling back on concerns over lackluster company earnings and ahead of key economic data released later this week, AFP reported.

The tech-rich Nasdaq Composite Index fell 0.2 percent to 11,313.357, with analysts noting that Microsoft’s disappointing fiscal guidance has added to worries.

The tech giant said Tuesday that sales slowed and profits slumped in the final quarter last year, as a darkening economic outlook pushed it to lay off 10,000 workers.

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The Dow Jones Industrial Average rose less than 0.1 percent to 33,743.84, while the S&P 500 Index shed less than 0.1 percent as well to land at 4,016.22.

Microsoft shares ended the day 0.6 percent lower.

Meanwhile aviation giant Boeing reported a fourth-quarter loss on Wednesday over elevated operating and supply chain costs, though it confirmed its 2023 outlook amid strong aviation demand.

Boeing shares rose 0.3 percent on Wednesday.

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