The S&P 500 (^GSPC -0.02%) slipped 0.02% to 7,805, remaining near record levels as investors parsed the first major batch of corporate results. The Nasdaq Composite (^IXIC -0.15%) fell 0.15% to 27,204, and the Dow Jones Industrial Average (^DJI -0.35%) lost 0.35% to 51,670.
Gold prices fell 0.21% to $4,181.80 as of U.S. market close, and the 10-Year Treasury yield rose 0.02% to 5.24% as energy led all sectors while industrials and healthcare trailed.
Today’s biggest moves
Johnson & Johnson shares plummeted approximately 6% after its MedTech division missed sales estimates. Micron Technology and Sandisk tumbled 3.62% and 0.34%, respectively, following news of a breakthrough in competitive DRAM architecture in China. Additionally, Blackstone fell 4.18% as rising yields and analyst price target cuts weighed on the alternative asset manager.
What this means for investors
Third-quarter earnings results came from big banks and healthcare stalwart Johnson & Johnson this morning. It was a mixed bag, helping to define today’s muted market moves. Concerns over demand and the future of its medical device segment overshadowed the healthcare giant’s profit beat.
The semiconductor sector pressured tech stocks as Chinese competition helped lead a broad sell-off in Asian markets on concerns for dominant DRAM manufacturers.
Initial bank earnings were mixed amid high expectations, and market watchers will continue to monitor the sector to gauge the economy’s ability to withstand energy price inflation as yields remain high.
Howard Smith has positions in Blackstone. The Motley Fool has positions in and recommends Blackstone, KKR, and Micron Technology. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.
