Markets Fall at Midday Amid Mixed Earnings Results, Concerns About Developments in Mideast

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Key Takeaways

  • U.S. equities were lower at midday after the latest corporate earnings reports presented a mixed picture, and as concerns rose about the fighting in Israel.
  • United Airlines shares sank as the airline warned about losses from canceled flights to Israel, and higher fuel costs.
  • Procter & Gamble’s profit and sales beat estimates as the consumer products maker raised prices.

U.S. equities were down at midday after the latest corporate earnings reports presented a mixed picture and as worries rose about the war in Israel. The Dow, S&P 500, and Nasdaq all fell. Gold prices surged in a flight to safety, and oil futures jumped amid concerns the fighting in the Middle East could jeopardize supplies.

United Airlines Holdings (UAL) shares tumbled as the carrier warned about the financial impact of the cancellation of flights to Israel, and higher fuel costs. Shares of rival airlines sank as well. 

Morgan Stanley (MS) shares slid as revenue from the bank’s wealth management and investment banking units was less than expected. Shares of J.B. Hunt Transport Services (JBHT) dropped as falling freight rates sent profits at the trucking company sinking.

Procter & Gamble (PG) shares advanced after the consumer products maker posted better-than-expected results as it benefited from higher prices. Shares of Nasdaq (NDAQ) also jumped as the electronic trading platform’s revenue from indexes and anti-financial-crime products rose.

Boeing (BA) shares moved higher as the plane maker struck a deal to boost up struggling supplier Spirit AeroSystems Holdings (SPR). Spirit AeroSystems shares soared.

The yield on the 10-year Treasury note was higher. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded lower.

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