fb-pixel Skip to main content

Stock indexes end lower, breaking a 5-day winning streak

Stocks ended a five-day winning streak on Tuesday as investors cautiously assessed the first big round of corporate earnings reports. Technology companies fared the worst, weighed down by a 1.3 percent drop by Microsoft and a 1.9 percent slide from Intel. Johnson & Johnson led health care stocks lower with a drop of 1.6 percent. The health care and pharmaceutical company’s full-year profit forecast remained mostly below analysts’ projections. Financial stocks gave up early gains and turned mostly lower, although Goldman Sachs and JPMorgan Chase rose. Energy companies also fell broadly. Major indexes were mixed for much of the morning and turned lower at midday after President Trump said: ‘‘We have a long way to go on tariffs with China.’’ A surprisingly good retail sales report for June had little impact on consumer product makers, though it did help push bond prices lower. The yield on the 10-year Treasury rose to 2.12 percent from 2.09 percent late Friday. Domino’s Pizza shed 8.7 percent after the pizza chain fell far short of Wall Street forecasts for a key sales measure during the second quarter. Arrow Electronics fell 1.8 percent after the company slashed its profit forecast for the second quarter because of weak demand. Blue Apron surged 35.5 percent after the meal-kit company said it will start offering recipes with Beyond Meat’s plant-based food. The company will start offering the options in August. Despite the surge, Blue Apron is still down more than 90 percent from its initial public offering two years ago. The influx of earnings reports are coming in ahead of a highly anticipated Federal Reserve meeting at the end of the month. Wall Street expects the central bank to raise interest rates to help secure US economic growth threatened by a trade war with China.