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Stocks slipped Monday following the latest signal that the economy remains strong, which could delay the cuts to interest rates that Wall Street wants.
The S&P 500 fell 15.80 points, or 0.3 percent, to 4,942.81 from the all-time high set Friday. The Dow Jones Industrial Average dropped 274.30, or 0.7 percent to 38,380.12, and the Nasdaq composite edged down by 31.28, or 0.2 percent to 15,597.68.
Earnings season is near its midpoint, and roughly half the companies in the S&P 500 have reported their latest results, including many of the market’s most influential. Estee Lauder jumped 12 percent after it reported better revenue and profit than analysts expected. McDonald’s, meanwhile, fell 3.7 percent despite reporting stronger profit than expected. Its revenue for the latest quarter fell just short of forecasts.
Companies that have been missing analysts’ estimates for earnings this reporting season have been seeing their stocks get punished even more than usual, according to strategists at Bank of America.
