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GM and Boeing push stocks into reverse

Investors aren't pleased with what they're hearing from Corporate America.The Dow was lower much of the day We...

Posted: Jul 25, 2018 5:21 PM
Updated: Jul 25, 2018 5:21 PM

Investors aren't pleased with what they're hearing from Corporate America.

The Dow was lower much of the day Wednesday after auto giants GM and Fiat Chrysler provided weak outlooks for the rest of the year. GM shares fell 5% in late afternoon trading, and Fiat Chrysler's stock plunged nearly 12%.

The broader market enjoyed a late day bounce on reports of a trade deal between the US and European Union. But rising commodity prices still put a dent into GM's forecast. Costs for steel and aluminum have risen because of the Trump administration's tariffs on those metals.

Boeing, the biggest component in the Dow, also fell despite solid earnings and a boost to its revenue guidance.

But the jet maker's earnings forecast wasn't as strong as investors were hoping for. Boeing also cut its profit margin outlook for its defense unit. Boeing's stock is up more than 20% this year, so expectations were sky high.

Boeing rival Northrop Grumman also fell despite earnings that topped estimates.

Better than expected profit from Coca-Cola was a bright spot. Coke's stock rose nearly 2% thanks to solid sales of its iconic beverages, particularly the recently revamped Coca-Cola Zero Sugar.

Wednesday's market pullback follows a strong day on Tuesday. Stocks climbed after solid results from Dow components Verizon and United Technologies as well as drug maker Eli Lilly.

Most companies have indicated they aren't seeing much of an impact on sales and profit from the growing trade tension between the United States and China - not to mention Europe, Canada and Mexico.

Second-quarter earnings have still been solid, particularly from technology companies. The Nasdaq was up slightly Wednesday and has gained nearly 14% this year. It is near a record high, just under 8,000.

Google owner Alphabet hit an all-time high Tuesday after it reported stellar results. That news helped lift Facebook, which will report its latest earnings after the closing bell Wednesday.

Facebook is also at an all-time high, a sign that investors are no longer worried about the Cambridge Analytica data scandal and are instead focused on strong growth at Facebook-owned Instagram.

CNN's Richard Quest broke down all the market's moves from the New York Stock Exchange on CNNMoney's "Markets Now." You can watch future shows live on CNNMoney at 12:45 ET on Wednesdays and check in later for clips from the latest episode and past shows.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 74328

Reported Deaths: 3041
CountyConfirmedDeaths
Marion15860725
Lake7570275
Elkhart484384
Allen3902163
St. Joseph350081
Hamilton2763104
Vanderburgh196313
Hendricks1887108
Cass17959
Johnson1757118
Porter131639
Clark123347
Tippecanoe121111
Madison97965
LaPorte91130
Howard89065
Kosciusko85212
Bartholomew79347
Marshall78422
Floyd77946
Monroe75630
Delaware73052
Dubois69612
Boone67846
Noble67829
Hancock66038
Vigo65110
Jackson5865
Warrick58130
LaGrange55910
Shelby55327
Grant52630
Dearborn50828
Morgan47634
Clinton4343
Henry38320
Wayne37710
White36910
Montgomery35421
Lawrence34627
Harrison33823
Decatur33732
Putnam2888
Miami2742
Daviess27320
Scott26810
Greene25034
Jasper2432
Franklin24214
DeKalb2324
Gibson2254
Jennings22512
Steuben2103
Ripley2087
Carroll1912
Fayette1897
Perry18612
Starke1787
Orange17124
Posey1710
Wabash1693
Fulton1682
Wells1682
Jefferson1632
Knox1540
Whitley1526
Washington1401
Tipton13810
Spencer1363
Sullivan1261
Huntington1223
Randolph1224
Clay1215
Newton11810
Adams1012
Jay910
Owen901
Pulaski831
Rush804
Fountain742
Brown731
Ohio655
Blackford642
Benton610
Pike530
Switzerland520
Vermillion520
Parke511
Crawford450
Martin450
Union410
Warren221
Unassigned0206

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 100848

Reported Deaths: 3669
CountyConfirmedDeaths
Franklin18317524
Cuyahoga13514499
Hamilton9643255
Lucas5348323
Montgomery436294
Summit3555222
Butler292963
Marion292545
Mahoning2554255
Pickaway238742
Stark1827139
Warren178939
Lorain177078
Columbiana165860
Trumbull1524106
Fairfield138732
Delaware130119
Licking128149
Clark114614
Lake111438
Wood104358
Clermont93311
Medina92335
Miami83938
Tuscarawas78214
Portage75861
Allen74044
Greene69012
Belmont62126
Mercer61213
Richland60412
Erie57527
Ashtabula56946
Geauga55644
Wayne53958
Ross4844
Huron3965
Darke39529
Ottawa38626
Hancock3783
Sandusky37716
Madison37410
Athens3571
Holmes3286
Lawrence2830
Auglaize2546
Union2511
Muskingum2361
Jefferson2292
Scioto2261
Seneca2143
Knox2057
Putnam20517
Preble2032
Washington20322
Shelby1944
Coshocton1936
Champaign1762
Crawford1745
Morrow1702
Hardin16512
Clinton1646
Highland1581
Logan1552
Fulton1481
Wyandot1468
Ashland1443
Defiance1444
Williams1353
Perry1303
Brown1292
Hocking1189
Guernsey1177
Henry1172
Fayette1130
Carroll1115
Monroe9318
Pike760
Jackson740
Van Wert711
Paulding690
Gallia651
Adams612
Meigs400
Vinton312
Harrison261
Morgan260
Noble160
Unassigned00
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