© 2024 Blaze Media LLC. All rights reserved.
Market Recap: AT&T Down, Home Sales Lousy, Taco Bell Caters to an Audience it Doesn’t Have

Market Recap: AT&T Down, Home Sales Lousy, Taco Bell Caters to an Audience it Doesn’t Have

Markets were mixed today on Wall Street today:

  • Dow -0.18 percent
  • S&P -0.57 percent
  • Nasdaq -0.57 percent
  • Oil +0.05 percent
  • Gold +0.51 percent

On the commodities front:

  • Oil (NYSE:USO) climbed to $99.85 a barrel
  • Gold (NYSE:GLD) rising to $1,710.90 an ounce
  • Silver (NYSE:SLV) climbed 0.19 percent to settle at $32.43

Via Schaeffer’s Investment Research, markets were mixed because:

U.S. stocks spent time on both sides of the breakeven line today, as Wall Street weighed hot-and-cold earnings and economic reports. Initially, stronger-than-expected quarterly reports from Caterpillar and 3M Company bolstered the blue chips, while Netflix lured buyers to the Internet sector. Furthermore, a bigger-than-expected jump in durable-goods orders also helped the bulls maintain the reins in early trading.

However, a hefty quarterly loss from AT&T (T) tempered the Street's earnings enthusiasm, while a lackluster report on new-home sales and a rise in weekly jobless claims eventually tipped the scales in the bears' favor. Against this backdrop, stocks whittled their gains as the session progressed, with all three major market indexes in the red by the closing bell.

The Dow Jones Industrial Average (DJIA – 12,734.63) peaked at 12,841.95 in early trading, but eventually finished 22.3 points, or 0.2%, lower. Nevertheless, the 12,700 level stepped up to provide support. Among the index's 30 components, Caterpillar and 3M paced the six advancing equities, notching earnings-related gains of 2.1% and 1.3%, respectively. Meanwhile, AT&T led the bearish majority, surrendering 2.5%, while Cisco Systems (CSCO) finished flat.

The S&P 500 Index (SPX – 1,318.45) traded as high as 1,333.47 before performing an about-face, giving up 7.6 points, or 0.6%, when all was said and done. Finally, the Nasdaq Composite (COMP – 2,805.28) jumped to 2,834.30 right out of the gate, but backpedaled to a loss of 13 points, or 0.5%, by the time the dust settled. Like the Dow, however, the tech-rich COMP found round-number support in afternoon trading, maintaining its perch atop the 2,800 level.

Turning to equities in focus, E*Trade Financial (ETFC) confessed to a surprise quarterly loss ... Cypress Semiconductor (CY) warned of accelerated revenue declines ... Analysts weighed in on SanDisk (SNDK) after the firm offered lackluster guidance ... JetBlue Airways (JBLU) ascended after topping earnings estimates ... and today's

Quote of the Day comes from Taco Bell Chief Marketing and Innovation Officer Brian Niccol.

The Mexican-style restaurant chain -- a subsidiary of Yum! Brands (YUM) -- today rolled out a breakfast menu at almost 800 U.S. restaurants. However, unlike most of its peers, the majority of Taco Bell locations still won't open until 8 or 9 a.m. -- a reflection of the chain's core 18-to-20-something crowd. As Niccol states:

"They're not the customer that shows up at 6 a.m. for breakfast."

Want to leave a tip?

We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?