Stocks took a breather the day after the S&P 500 set a new all-time closing high, slumping slightly on various earnings results that were a mixed bag.
Google parent, Alphabet (GOOG), started the dour mood after the close on Monday by missing EPS estimates by a wide margin. General Motors (GM) was another big name that fell short, reporting $1.20 per share against analyst estimates for $1.31. There were plenty of smaller firms reporting solid or neutral results for the third quarter, but the large caps dominated the news flow.
Drops on the main indices were contained, not unusual following a healthy upsurge. Waiting upon the Federal Reserve's FOMC policy decision announcement Wednesday afternoon (2.00 pm ET), trading was muted but not depressing.
When the market opens Wednesday, earnings reports will already have been released for some other big names, including Yum! Brands (YUM), General Electric (GE), and Sotheby's (BID).
Apple (AAPL), Starbucks (SBUX), and Facebook (FB) report after the close.
In between earnings releases and calls, the Fed will provide most of the excitement on Wednesday.
At the Close, Tuesday, October 29, 2019:
Dow Jones Industrial Average: 27,071.42, -19.30 (-0.07%)
NASDAQ: 8,276.85, -49.13 (-0.59%)
S&P 500: 3,036.89, -2.53 (-0.08%)
NYSE Composite: 13,209.63, +23.20 (+0.18%)
Wednesday, October 30, 2019
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