Stocks End Lower ahead of Earnings Season
Stocks pared some of their losses in late trading but still finished in red as investors remained cautious ahead of the start of the latest earnings season. The earnings season will be kicked off by Alcoa Inc. (NYSE: AA) today.
Stocks were also pushed lower today on concerns over the global economy. All three major indexes finished lower for a second day in a row. The Dow Jones ended the day 0.28% lower at 12,736.29, the S&P 500 ended the day 0.16% lower at 1,352.46, and the Nasdaq ended the day 0.19% lower at 2,931.77.
Basic Materials and Energy were the worst performers in the S&P 500 today, ending 0.70% and 0.69% lower, respectively. Consumer Cyclical sector also fell sharply in trading today, ending the day 0.57% lower. Technology sector ended the day 0.39% lower. Healthcare and Conglomerates were the only sectors to finish the day in green. Healthcare sector ended 0.54% higher, while Conglomerates ended 0.10% higher.
Alcoa shares rose marginally today as the company prepared to release its second-quarter results. The aluminum producer is expected to report earnings of $0.06 per share for the quarter. Alcoa shares ended 0.40% higher at $8.77 today.
Other major movers in trading today were WellPoint Inc. (NYSE: WLP), which ended the day 3.41% higher at $61.95, Campbell Soup Company (NYSE: CPB), which ended the day 0.82% lower at $32.72, Molina Healthcare Inc. (NYSE: MOH), which ended the day 17.56% higher at $27.12, and Kronos Worldwide Inc. (NYSE: KRO), which ended the day 8.62% lower at $14.32.
European markets also slipped in trading today, with the EURO STOXX 50 Index closing 0.34% lower at 2,227.91. Markets in Asia also ended lower overnight, with the Nikkei 225 Index in Japan closing 1.37% lower at 8,896.88, and the Hang Seng Index in Hong Kong closing 1.88% lower at 19,428.09.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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