From Kiplinger · · 1m 20s
Stocks Drop Before CPI Report
Stocks fall as earnings disappoint and inflation data looms.
In brief
Stocks fall as earnings disappoint and inflation data looms. Stocks dropped after weak earnings reports and semiconductor stocks fell as investors prepare for September's inflation data. Originally reported by Kiplinger.
Stocks Close Lower
Stocks closed lower Tuesday as market participants took in a lackluster start to earnings season and looked ahead to Wednesday's key inflation update.
Semiconductor Stocks Drop
A steep sell-off in several semiconductor stocks didn't help, with reports that China's CXMT is making progress on its memory chip designs putting pressure on this corner of the market.
Dow Jones Falls
The blue-chip Dow Jones Industrial Average was down 0.4% at 51,670 and the broader S&P 500 was 0.02% lower at 7,805.
Tech Stocks Decline
The tech-heavy Nasdaq Composite shed 0.2% to 27,204 as mega-cap memory stocks, including SK Hynix (SKHY, -3.2%) and Micron Technology (MU, -3.6%), slumped.
Johnson & Johnson Earnings
Johnson & Johnson (JNJ) was the worst Dow Jones stock today, falling 5.7% after the drugmaker reported earnings.
JNJ Earnings Report
JNJ beat top- and bottom-line estimates for its third quarter, but sales in its medical devices division fell short of Wall Street's expectations due to the ongoing conflict in the Middle East.
JPMorgan Earnings
JPMorgan Chase (JPM, -0.9%) reported second-quarter earnings of $5.75 per share, up 13.4% year over year but below analysts' estimates.
The essence
Stocks dropped after weak earnings reports and semiconductor stocks fell as investors prepare for September's inflation data.
