S&P 500 turns lower as financials, airline weigh despite Meta surge

S&P 500 turns decrease as financials, airline weigh despite Meta surge

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Investing.com — The S&P 500 turned decrease after giving up early-day good points Thursday as rally in Meta changed into offset by weakness in financials and airline shares amid underwhelming quarterly results.

The S&P 500 fell 0.4%, the Dow Jones Industrial Average fell 0.5%, or 180 parts, Nasdaq changed into down 0.4%.

Meta Leads Worth Elevated in Tech, eBay Falters

Meta Platforms (NASDAQ:META) rallied extra than 5% after the social media extensive reported steering and second-quarter results that topped Wall Avenue estimates, pushed by stable selling boost.

UBS lifted its aim on the stock to $400 from $335, on expectations that future earnings would likely be “supported by persisted enchancment in reels adoption and monetization, plenty of unique advert codecs, stable engagement boost, a extra healthy macro atmosphere.:”

eBay (NASDAQ:EBAY), meanwhile, slumped 10% after its earnings steering for the unique quarter uncared for analyst estimates and overshadowed greater-than-anticipated second-quarterly results.

For Q3, the e-commerce platform guided adjusted EPS of $0.96 to $1.01, lacking Wall Avenue estimates for adjusted EPS of $1.02.

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Dash in Willis Towers Watson, S&P Global Lean on Financials Following Softer Earnings

Willis Towers Watson (NASDAQ:WTW) prick its outlook on 2024 earnings after reporting second-quarter earnings that fell attempting estimates, sending its shares extra than 8% decrease and pushing the broader financials within the purple.

The insurance protection company acknowledged the outlook integrated an “anticipated decline in pension earnings of roughly $1.65 per fragment.”

S&P Global  (NYSE:SPGI) fell extra than 7% failing to designate on the earnings stage as financial files and analytics company reported quarterly earnings that uncared for analyst estimates.

Southwest Flies Earnings Warning; McDonald’s Shine

Southwest Airways (NYSE:LUV) reported quarterly results that uncared for on the base line and delivered steering that spooked traders after warning that its income per available seat mile, a key metric for airways, is anticipated to descend within the third quarter.

The warning stoked issues about falling air shuttle quiz of, souring sentiment on several airline shares including American Air Strains, Delta Air Strains (NYSE:DAL) and Alaska Air Crew (NYSE:ALK).

McDonald’s Company (NYSE:MCD), meanwhile, climbed 1% because the posthaste-food chain reported quarterly results including linked sales that beat analyst estimates.

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