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Home / Business / Wall Street dips at open as coporate earnings point to slowing growth By Reuters

Wall Street dips at open as coporate earnings point to slowing growth By Reuters




© Reuters. Traders work on the floor at NYSE in New York

By Amy Caren Daniel

(Reuters) – U.S. European Central Bank President Mario Draghi said the bank's all-important inflation.

European Central Bank's President Mario Draghi said the bank's all-important inflation Thursday, June 20, 2011 (Clearwisdom.net) on Thursday, October 30th, 2011 |

"The market was really looking for a dovish Draghi and he delivered that he'd be heed," said Bas van Geffen, quantitative analyst at RaboResarch in Utrecht, the Netherlands.

Tesla Inc (O 🙂 tumbled 1

4.1% and what the biggest drag on the NASDAQ after the electric carmaker softened its language once again on meeting its profit timeline after missing its quarterly financial targets.

Ford Motor Co (N 🙂 fell 6.9% after the automaker reported a lower-than-expected profit and a full-year earnings forecast.

"The key for investors is a sign of an economic downturn or just a slow one." patch, "said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

In a bright spot, 3M Co (N) rose 3% after the manufacturing conglomerate reiterated its full-year earnings forecast despite slowing growth in high-profile markets search as China.

Two weeks into the second-quarter earnings season, about 77% of the 138 S & P 500 companies have reported so far.

Overall earnings, however, are now expected to fall

Hopes that the Federal Reserve would adopt a looser monetary policy at its rate-setting meeting next week to counter the impact of a protracted US-China trade have helped Wall Street's main indexes scale record levels this month.

At 9:54 am ET, the Dow Jones Industrial Average () down 146.27 points, or 0.54%, at 27.123.70, the S & P 500 () down 15.93 points, or 0.53%, at 3.003.63. The Nasdaq Composite () was down 70.54 points, or 0.85%, at 8,250.97.

Facebook Inc (O 🙂 reversed premarket gains to trade 1.5% lower. The social media said that it would take its toll in the next year.

Align Technology (O) plunged 24.3% and what the biggest loser on the S & P 500 as the orthodontic device maker gave a current-revenue and earnings outlook that came below estimates

Declination issues outnumbered advocers for a 2.08-to-1 ratio on the NYSE and for a 2.07-to-1 ratio on the Nasdaq.

The S & P index recorded 18 new 52-week highs and one new low, while the Nasdaq recorded 47 new highs and 26 new lows.


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