Weak earnings from Goldman Sachs and Johnson & Johnson weighed on their stocks and dragged the Dow Jones industrial average lower on Tuesday. Treasury yields fell to the lowest levels of the year.
Here’s the scoreboard:
- Dow: 20,515.75, -121.17, (-0.59%)
- S&P 500: 2,341.64, -7.37, (-0.31%)
- Nasdaq: 5,843.37, -13.42, (-0.23%)
- 10-year yield: 2.168%, -0.084
- Goldman missed on earnings unlike its major peers, and fixed income disappointed in particular.”The operating environment was mixed, with client activity challenged in certain market-making businesses,” said CEO Lloyd Blankfein in a statement.
- Harley-Davidson Inc kept its 2017 outlook unchanged despite first-quarter shipments hitting the high end of its forecast. The motorcycle maker said shipments fell 14.7% to 70,831 units in the first quarter, compared with its forecast of 66,000-71,000 units. Shares fell 4%.
- New residential construction dropped by more than expected in March, but permitting for future construction remained strong. Housing starts fell by 6.8% to a seasonally adjusted annual rate of 1.215 million, while permits increased by 3.6% at a rate of 1.26 million.
- Industrial production, the Federal Reserve’s measure of US goods output, was right in line with expectations for the month of March. Production increased by 0.5%, the exact increase expected by economists.
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