US stocks tumble as earnings season begins

US stocks tumble as earnings season begins

New York, Oct 12 (IANS) US stocks traded sharply lower on Tuesday as investors focused on the third quarter earnings season.

The Dow Jones Industrial Average dropped 160.97 points, or 0.88 per cent, to 18,168.07. The S&P 500 lost 20.98 points, or 0.97 per cent, to 2,142.68, Xinhua news agency reported.

The Nasdaq Composite Index slumped 64. 41 points, or 1.21 per cent, to 5,264.26.

Alcoa Inc. kicked off the earnings season by missing estimates on both the top and bottom line. Its shares plunged nearly 10 per cent around midday.

Oil prices were also in focus, which retreated around midday on Tuesday as traders became cautious after recent solid gains.

There is no major economic data due Tuesday. Investors will keep a close eye on the Federal Reserve’s minutes from its September meeting scheduled for release on Wednesday, for more clues on the timing of a next rate hike.

On Monday, US stocks ended higher as Wall Street digested the latest information from Sunday’s second US presidential debate amid rising oil prices.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here