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Stocks slipped Thursday for the second consecutive trading day even as better-than-expected corporate earnings continued to roll in this week.
The Dow Jones Industrial Average fell 91.01 points, or 0.30%, to 30,332.80. The S&P 500 dropped 29.58 points, or 0.80%, to 3,665.58, and the Nasdaq Composite was down 65.66 points, or 0.61%, to 10,614.84.
AT&T (T) and American Airlines (AAL) each beat analysts’ expectations when they released earnings Thursday. Earlier in the week, Bank of America (BAC), Bank of New York Mellon (BK) and Goldman Sachs (GS) also each exceeded forecasts along with defense contractor Lockheed Martin (LMT).
Nonetheless, inflation remains at a 40-year high and the Federal Reserve has signaled it will raise rates for the sixth time next month. Yields of U.S. Treasury bonds reached new recent highs, including the 10-year note’s rate of 4.228% — its highest level since 2008.
Some of the stocks that declined included Tesla (TSLA), which closed at $207.28, down $14.76, or 6.65%. Microsoft’s (MSFT) price of shares fell $0.33, or 0.14%, to close at $236.15.
“Our guess is that earnings will be good enough to keep the market in a trading range, but not enough to send it back up to its midsummer high and given the lagged nature of monetary policy, we would argue that time is not on the market’s side,” Michael Shaoul of Marketfield Asset Management said in a note to clients.
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