Markets in the United States were on the negative territory on Wednesday’s close following the deterioration of the Dow Jones Industrial average driven by its composite IBM
The S&P 500 was 0.2 percent lower due to their energy sector dropping by 1.4 after the U.S. oil ended lower by 3.76 percent to $50.44 a barrel. CEO of The Earnings Scout Nick Raich said that almost 558 percent of the S&P 500 companies beat sales estimates and 77 percent surpassed Wall Street expectations. The Nasdaq composite however rose by 0.2 percent.
The Dow Jones Industrial average lost more than 120 points and 57 from those points was from tech company IBM, Goldman Sachs also contributed with the loses after it added 10 points to the drawback. Stocks of IBM were 5 percent down after it reports a mixed quarterly result. The Dow also cuts its two-day streak decline by 200 points and has settled lower on the previous six sessions.
On the early sessions, financials settled higher following the release of Morgan Stanley showing a firm first-quarter along with doubled fixed-income trading revenue. The outcome of this investment company surpassed the estimates of Wall Street.
Investors are currently focusing on the upcoming French presidential election as it draws closer. Conservative Marine Le Pen and far-leftist Jean-Luc Melenchon are some of the candidates with a compelling distance.
Meanwhile in economic news, the Beige Book of the Federal Reserve suggested that the economic activity on the 12 districts were higher. The estimation of the market for an interest rate hike in June has recently slipped.
Qualcomm, American Express, CSX and eBay are some of the companies set to announce their earnings after Wednesday’s closing bell.