Profits that disappointed, a subscriber slump at AT&T, and a weak forecast from Procter & Gamble held back stocks, as did weak sales growth at Amgen and flat revenues at Eli Lilly. Boeing and General Dynamics tempered the mood with strong profits. So far, 35% of S&P 500 companies have posted earnings, as have 66% of Dow members. Most had better-than-forecast profits but sales weaker than anticipated. Of 35 companies that have given second-quarter forecasts, 28 are ‘‘negative,’’ four ‘‘positive,’’ and three ‘‘in-line.’’ A report that orders for long-lasting US factory goods fell more than economists expected added to concerns global growth is slowing.
Weak earnings prospects weigh on stocks
You've reached the limit of 10 free articles a month
Stay informed with unlimited access to Boston’s trusted news source.
- High-quality journalism from the region’s largest newsroom
- Convenient access across all of your devices
- Today’s Headlines daily newsletter
- Subscriber-only access to exclusive offers, events, contests, eBooks, and more
- Less than $1 a week