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The market shrugged off positive economic indicators Tuesday amid downbeat reports from several major companies.
Among the upbeat economic news was the Markit Flash U.S. Services PMI Business Activity Index which rose from 53.3 in December to 54.0 in January. The index suggested solid output growth in the U.S. service sector.
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December U.S. new home sales surged 11.6 percent according to the Commerce Department to a seasonally adjusted annual rate of 481,000 units, while the U.S. Consumer Confidence Index rose from 93.1 in December to 102.9 in January.
The Federal Reserve Bank of Richmond released the Fifth District Survey of Manufacturing Activity, which indicated an expansion of activity in January with manufacturers optimistic about business conditions.
Overall, the economic news beat expectations, however, the earnings and outlook for a number of companies concerned investors.
Microsoft Corporation (NASDAQ: MSFT) fell approximately 10 percent following its earnings report amid concerns that it faces a challenging transition ahead.
Caterpillar Inc. (NYSE: CAT) fell over 7 percent as its declining global sales worried investors.
American Airlines Group Inc (NASDAQ: AAL) missed revenue expectations and fell approximately 4 percent.
Procter & Gamble Co (NYSE: PG) was impacted by foreign exchange and missed expectations for Q2; the stock declined 3.87 percent.
The broader market indices sank amid the earnings releases. The Dow Jones Industrial Index fell 1.76 percent to 17,367.75 while the S&P 500 index declined 1.23 percent to 2,031.74.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.