The S&P 500 slips on Wednesday, attempting to extend its longest winning streak in about two years.
The broader market index and the Nasdaq Composite inch marginally lower. The Dow Jones Industrial Average loses 80 points, or 0.2%.
While upcoming inflation and economic prints are likely to factor into equity gains from here, data continues to signal that the economy is slowing but not falling off a cliff.
In company news, Rivian slips 3% even after posting better-than-expected results, while Robinhood sinks 14% after posting significant declines in trading volumes. Warner Bros.
Discovery sinks nearly 18% after posting a wider-than-expected loss, while Roblox pops 12% on strong results.
These gains come as earnings season winds down. About 88% of companies in the broad-based index have posted results, with more than 88% beating earnings estimates. Slowing demand, however, translates to only 62% topping revenue expectations.
Earnings season continues after the bell with results from Walt Disney, Affirm Holdings, and MGM Resorts.
Eli Lilly shares rise slightly after the Food and Drug Administration approves the company’s treatment for obesity. Since the drug is already approved as a type 2 diabetes treatment, the decision was highly anticipated.
US sectors are mostly higher overnight. Real Estate is the best performer, while Energy is lagging behind.
Currency
One Australian dollar at 7:40 AM was buying 64.04 US cents.
Figures around the globe
European markets closed mixed. London’s FTSE fell 0.11 per cent, Frankfurt added 0.51 per cent, and Paris closed 0.69 per cent higher.
Turning to Asian markets, Tokyo’s Nikkei lost 0.33 per cent, Hong Kong’s Hang Seng fell 0.58 per cent while China’s Shanghai Composite closed 0.16 per cent lower.
The Australian share market closed 0.26 per cent higher at 6,995.
Ex-dividends
Acorn Capital Investment Fund (ASX:ACQ) is paying 4.25 cents fully franked
NAOS Ex-50 Opportunities Company (ASX:NAC) is paying 1.5 cents fully franked
NAOS Small Cap Opportunities Company (ASX:NSC) is paying 1.25 cents fully franked
Waterco Limited (ASX:WAT) is paying 5 cents fully franked
Westpac Banking Corp (ASX:WBC) is paying 72 cents fully franked
Dividends payable
Dexus Industria REIT (ASX:DXI)
Dexus Convenience Retail REIT (ASX:DXC)
Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.
