Stocks on Wall Street dipped Thursday following mixed earnings reports from big companies and more signals the US economy may be slowing, the AP reports.
- The S&P 500 fell 24.73, or 0.6%, to 4,129.79.
- The Dow slipped 110.39, or 0.3%, to 33,786.62.
- The Nasdaq dropped 97.67, or 0.8%, to 12,059.56.
Tesla weighed heavily on the market for a second straight day on worries about how much profit it's making on each of its electric vehicles. It dropped 9.7% after reporting revenue for the first three months of the year that fell short of analysts' expectations as it repeatedly cut prices on its models.
Tesla's cutting prices "is good for inflation," said Rob Haworth, senior investment strategist at US Bank Wealth Management. "But for the market, the question has to be: You're cutting prices again, it seems like we're not seeing enough demand on the auto side." Several banks also dropped after reporting weaker profits and revenue than expected, including KeyCorp and Zions Bancorp. The spotlight has been particularly harsh on smaller and mid-size banks in the face of worries their customers may pull out deposits following the second- and third-largest US bank failures in history last month. AT&T sank 10.4% after it reported slightly weaker revenue than analysts forecast, though profit squeaked past expectations. Analysts also pointed to weaker cash flow than some expected. It was the worst day for its stock in two decades and its second-worst since late 1983.
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