Stocks traded lower on Wednesday, April 25, after stronger-than-expected earnings from Boeing Co. (BA) and Twitter Inc. (TWTR) failed to steady some investors’ concerns over the fate of corporate profitability in the face of rising bond yields and commodity prices.
The Dow Jones Industrial Average fell 89 points, or 0.37%, to 23,934, the S&P 500 declined 0.39%, and the Nasdaq fell 0.38%.
Stocks finished sharply lower on Tuesday, April 24, as corporate earnings disappointed and the yield on the 10-year Treasury traded above 3% for the first time in four years. Early Wednesday, the 10-year U.S. Treasury yield traded at 3.018%.
Boeing Co. (BA) rose 2% after the aircraft manufacturing company reported better-than-expected quarterly earnings and raised full-year guidance for three key financial metrics. The Chicago-based company posted adjusted earnings of $3.64 a share, handily beating analysts’ estimates of $2.58. Revenue of $23.38 billion also topped forecasts calling for $22.28.
Twitter Inc. (TWTR) posted first-quarter adjusted earnings of 16 cents a share, 4 cents ahead of estimates. Revenue was $655 million vs. estimates of $608 million.
Twitter said monthly active users were 336 million, beating analysts’ forecasts of 334.2 million. Shares rose slightly.
Via The Street