Nasdaq retreats after Alphabet drop; S&P 500 posts record
NEW YORK - The Nasdaq fell on Tuesday as shares of Google-parent Alphabet tumbled following a revenue miss and Apple dropped, though the S&P 500 eked out another record closing high.
A less-worse-than-expected earnings season, positive economic data and hints of progress in U.S.-China trade talks have helped drive the recent gains. “The big negative today are questions with regard to some of the large tech stocks. Alphabet’s gotten slapped, and Apple is down,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
With more than half of the S&P 500 companies reporting, analysts now expect first-quarter earnings to have risen slightly, a stark reversal from the 2% fall estimated at the beginning of the month, according to Refinitiv data. The Dow Jones Industrial Average also ended higher, helped by gains in Chevron Corp. The company’s shares rose 2% after Warren Buffett’s Berkshire Hathaway Inc committed $10 billion to Occidental Petroleum Corp’s bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron.
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