Trading activities on New York Exchange on Tuesday, November, 7, revealed that S&P and the Dow weighed down by financial stocks and the Nasdaq slipping on weak forecast from travel services company, Priceline.
The financial sector led the decliners among the 11 major S&P sectors, with a 1.26 percent fall.
U.S. 10-year treasury yields hit a two-week low and briefly fell below the 200-day moving average. [US/]
Goldman Sachs weighed the most on the Dow, while JPMorgan and Bank of America were among the top three drags on the S&P.
Priceline fell 12.1 percent and that of travel-review website operator TripAdvisor hit a five-year low after the companies gave soft fourth-quarter profit forecasts.
The S&P has risen about 15 percent in 2017 on the back on strong earnings, an improving economy and Trump’s promise to cut taxes.
With more than 400 of S&P 500 companies having reported, earnings for the third quarter are expected to have climbed 8 percent, compared with expectations of a 5.9 percent rise at the start of October, according to Thomson Reuters I/B/E/S.
The Dow Jones Industrial Average was down 44.59 points, or 0.19 percent, at 23,503.83, the S&P 500 was down 4.56 points, or 0.17 percent, at 2,586.57.
The Nasdaq Composite was down 30.31 points, or 0.45 percent, at 6,756.12.
Defensive sectors such as utilities and consumer staples were the top gainers on the S&P..
Valeant Pharma surged 15.2 percent after the company’s profit beat Wall Street estimates.
Mallinckrodt sank to an all-time low after the drugmaker reported dismal quarterly revenue and warned of slower sales for Acthar, its biggest source of revenue.
Declining issues outnumbered advancers on the NYSE by 1,812 to 996. On the Nasdaq, 2,149 issues fell and 753 advanced.
