Stocks closed lower on Wall Street Tuesday as disappointing earnings reports weighed on technology and travel companies. The S&P 500 fell 17.59 points, or 0.4%, to 4,122.47. The Dow Jones Industrial Average fell 58.13 points, or 0.2%, to 32,774.41. The Nasdaq fell 150.53 points, or 1.2%, to 12,493.93. Norwegian Cruise Line plunged 10.6% for the biggest drop in the S&P 500 after reporting disappointing financial results and giving investors a weak revenue forecast, the AP reports. The weak results weighed down travel-related stocks. Expedia fell 1.6% and American Airlines fell 2.7%.
Technology stocks fell broadly and weighed down the broader market. Chipmaker Micron Technology fell 3.7% after warning investors that revenue could fall short of forecasts because of weakening demand. That warning hit other chipmakers hard, with Nvidia shedding 4%. Audience rating company Nielsen surged 21.2% after it announced progress on a deal to be acquired by private equity firms. After a surprisingly strong 9.1% gain in July, the benchmark S&P 500 index has been mostly selling off this month as Wall Street tries to gauge how aggressively the Federal Reserve will continue to raise interest rates in order to combat inflation and what that will mean for the economy and corporate profits.
Investors have been closely watching the latest round of corporate earnings and economic data for clues on how inflation is hurting consumers and businesses. As the earnings season winds down, Disney, Wendy’s, and Wynn Resorts will be reporting quarterly results this week. The US Labor Department will release its July report for consumer prices Wednesday, followed by its producer prices report on Thursday. Investors and economists will look for any signs that the Federal Reserve’s aggressive rate hikes the past few months have helped to bring inflation under control.
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