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Wall Street down after low profits and abrupt end of Trump-Kim summit By Reuters




© Reuters. Traders work on the floor of the NYSE in New York

By Shreyashi Sanyal

(Reuters) – US stocks fell slightly on Thursday, hurt by the weak profits of a handful of companies and the end of the US-North Korean summit that ended abruptly without any agreement.

Booking (NASDAQ 🙂 Holdings Inc. fell 9.8% after the online travel service provider missed quarterly earnings forecasts. The company weighed the most on the consumer discretionary sector, which fell 0.86% and was the main drag on the market.

HP Inc. (NYSE 🙂 also fell 16%, which led to a decline in the technology sector, after its earnings were below analysts' estimates.

Of the 11 main sectors of the S & P 500, seven were lower. The energy sector was the biggest loser, with a drop of 1.06% as oil companies collapsed due to falling crude prices. [O/R]

US President Donald Trump said he had withdrawn from a nuclear deal at his summit with Kim Jong Un in Vietnam, due to unacceptable demands by the North Korean leader demanding the lifting of sanctions under the direction of the United States.

"The failure of negotiations with North Korea seems to weigh somewhat on sentiment," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"There is very little substance out of these things (the top), but the market sees peace on the peninsula as a good thing."

At 10:11 am French time, the drop of 26.66 points or 0.10% to 25 958.50 euros, that of the S & P 500 of 7.22 points or 0.26% to 2 785.16, and the decline of 33.45 points or 0.44% to 7 521.06.

The Commerce Department's report that the slowdown in the US economy was less than expected in the fourth quarter was comforting for investors, thanks to strong spending by consumers and businesses.

"The GDP figure was strong, there is no sign of slowing down," said Naeem Aslam, chief market analyst at Think Markets UK Ltd in London. "Most market participants were expecting a low number and this is a surprise, a nice surprise."

Trade optimism and the Federal Reserve's dovish signals have boosted equities compared to the lows reached in December in recent weeks, with the S & P 500 index being about 5.2% lower at its peak. record of late September.

Of the other shares, Bristol-Myers Squibb (NYSE 🙂 Co rose 1.1% after the largest shareholder, Wellington Management, opposed the $ 74 billion drug deal on the drug. purchase of biotech Celgene Corp (NASDAQ :). Celgene shares fell 8.8%.

Monster Beverage Corp. (NASDAQ 🙂 jumped 10.3% after the beverage maker surpassed Wall Street estimates in terms of revenue and quarterly profit.

Falling issues outnumbered defenders for a ratio of 1.61 to 1 on the NYSE and a ratio of 1.82 to 1 on the Nasdaq.

The S & P index posted 21 new highs over 52 weeks and two new lows, while the Nasdaq recorded 33 new highs and 18 new lows.

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