Stocks Lower After Mixed Earnings

U.S. stocks pulled back slightly on Wednesday after a record-setting rally in the prior session, as investors digested a batch of mixed earnings reports.

The S&P 500 is just 0.3% away from an intra-day record high of 2,940.91 hit on Sept. 21 after surging about 17% this year, helped by a dovish Federal Reserve, hopes of a U.S.-China trade resolution and a largely upbeat earnings season.



“Thus far you’ve had pretty strong reactions to earnings and investor sentiment is nervously positive,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

“The nervousness has to do with valuations and the concern being, ‘Am I going to get good enough results and guidance to justify the markets going higher?’”

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza