© Reuters Investing.com -- The Dow snapped a 13-day receive tear Thursday as rally in Meta was offset by weakness in financials and airline stocks amid underwhelming quarterly results.
The Dow Jones Industrial Moderate fell 0.7%, or 237 points, Nasdaq was down 0.6%, and the S&P 500 fell 0.6%.
Meta Leads Price Increased in Tech, eBay Falters
Meta Platforms (NASDAQ:META) rallied larger than 4% after the social media big reported steerage and 2nd-quarter results that topped Wall Road estimates, driven by real promoting improve.
UBS lifted its target on the stock to $400 from $335, on expectations that future earnings would likely be “supported by persisted enchancment in reels adoption and monetization, completely different new ad formats, real engagement improve, a more healthy macro atmosphere.:”
eBay (NASDAQ:EBAY), within the period in-between, slumped 10% after its earnings steerage for the latest quarter overlooked analyst estimates and overshadowed better-than-expected 2nd-quarterly results.
For Q3, the e-commerce platform guided adjusted EPS of $0.96 to $1.01, lacking Wall Road estimates for adjusted EPS of $1.02.
Amble in Willis Towers Watson, S&P International Lean on Financials Following Softer Earnings
Willis Towers Watson (NASDAQ:WTW) slash its outlook on 2024 earnings after reporting 2nd-quarter earnings that fell looking estimates, sending its shares larger than 8% decrease and pushing the broader financials within the red.
The insurance protection firm mentioned the outlook integrated an “expected decline in pension profits of roughly $1.65 per piece.”
S&P International (NYSE:SPGI) fell larger than 7% failing to galvanize on the earnings stage as monetary records and analytics company reported quarterly earnings that overlooked analyst estimates.
Southwest Flies Income Warning; McDonald’s Shine
Southwest Airways (NYSE:LUV) reported quarterly results that overlooked on the final analysis and delivered steerage that spooked investors after warning that its income per on hand seat mile, a key metric for airways, is expected to tumble within the third quarter.
The warning stoked concerns about falling air dart demand, souring sentiment on several airline stocks alongside side American Air Lines, Delta Air Lines (NYSE:DAL) and Alaska Air Community (NYSE:ALK).
McDonald’s Company (NYSE:MCD), within the period in-between, climbed 1% because the instant-food chain reported quarterly results alongside side similar sales that beat analyst estimates.
