US Stocks Edge Lower 07/16 09:45

US Stocks Edge Lower                   07/16 09:45

   U.S. stocks edged lower as investors assessed a mixed bag of corporate 
earnings and economic reports.

   NEW YORK (AP) -- U.S. stocks edged lower as investors assessed a mixed bag 
of corporate earnings and economic reports.

   Technology companies led the broader market lower with the heaviest declines 
coming from chipmakers. Intel fell 1.4% and Texas Instruments fell 1.5%.

   Johnson & Johnson led health care stocks lower, despite topping Wall 
Street's financial forecasts. Energy companies also fell broadly.

   A surprisingly good retail sales report for June had little impact on 
consumer product makers, though it did help push bond prices lower. The yield 
on the 10-year Treasury rose to 2.13%.

   Industrial companies fared the best in early trading. Union Pacific rose 1% 
and FedEx rose 2.5%. Financial stocks also rose broadly, with Goldman Sachs 
rising 2.4% following a solid second quarter earnings report.

   The latest round of corporate financial reports ramps up this week and 
investors have low expectations. Wall Street is forecasting a 3% drop in profit 
for S&P 500 companies. It is set to be the first back-to-back quarterly decline 
in three years.

   The influx of earnings reports are coming in ahead of a highly anticipated 
Federal Reserve meeting at the end of the month. Wall Street expects the 
central bank to raise interest rates to help secure U.S. economic growth 
threatened by a trade war with China.

   KEEPING SCORE: The S&P 500 index fell less than 1% as of 10:05 a.m. Eastern 
time. The Dow Jones Industrial Average was mostly unchanged. The Nasdaq 
composite fell slightly.

   SOUR DOUGH: Domino's Pizza fell 4.3% after the pizza chain fell far short of 
Wall Street forecasts for a key sales measure during the second quarter. The 
company reported a 3% increase in sales at established locations while analysts 
had forecast a 4.6% increase.

   SHOCKING FORECAST: Arrow Electronics fell 2.8% after the company slashed its 
profit forecast for the second quarter because of weak demand. The electronic 
components company said global demand slumped and it will close its personal 
computer business while cutting overall costs.

   BURGER BOOST: Blue Apron jumped 17.5% after the meal-kit company said it 
will start offering recipes with Beyond Meat's plant-based food. The company 
will start offering the options in August. 


(BE)

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