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July 24, 2019, 4:55 p.m. EDT

S&P 500, Nasdaq stock indexes close at record but Dow grounded by Boeing

Tech shares in focus as U.S. opens probe into anti-competitive practices

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By Chris Matthews, MarketWatch , Clive McKeef


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The S&P 500 and Nasdaq stock indexes closed at record on Wednesday despite mixed earnings and economic data and antitrust probes into leading U.S. technology stocks.

But the Dow ended lower after disappointing earnings from Boeing and Caterpillar.

How are the major benchmarks faring?

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.19% fell 79.22 points or 0.3% to 27,269.97, but the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.0020%  gained 14.09 points or 0.5% to an all-time closing high at 3,019.56, the benchmark also set an intraday peak at 3,019.56. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.07% closed up 70.10 points or 0.9% to a fresh high also at 8,321.50, with that tech-heavy gauge setting an intraday record at 8,321.50.

Year-to-date the S&P 500 index is now up 20.45% while the Nasdaq Composite is up 25.41%.

The Russell 2000 /zigman2/quotes/210598147/delayed RUT -0.44% , an index of small-capitalization stocks, rose 1.64% to 1,580.42 and is now up 17.19% for the year.

What’s driving the market?

Chip-related stocks climbed to record highs Wednesday following strong earnings from Texas Instruments Inc. /zigman2/quotes/202237907/composite TXN -0.37% . The PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -0.55% soared 3.1% to 1,622,02, booking its first record finish since April 24.

Over 25% of S&P 500 index companies have reported second-quarter earnings so far and 78% have posted a better-than-expected profit, according to FactSet data.

However, some Dow components reported disappointing earnings. Caterpillar Inc . /zigman2/quotes/203434128/composite CAT -0.72%  fell 4.5%, after the manufacturer of construction and mining equipment reported quarterly profit that fell below analyst expectations, continuing a trend of subdued performance in industrial stocks during the second-quarter earnings season. Boeing Co . /zigman2/quotes/208579720/composite BA -0.51% lost 3%, after the aerospace giant swung to a loss in the second quarter.

Facebook /zigman2/quotes/205064656/composite FB +1.06% produced better-than-expected results, Ford Motor’s analysts’ consensus estimates for earnings, PayPal delivered hotter-than-expected results but offered weak guidance, after the bell on Wednesday.

Tesla also was scheduled to report quarterly results late-Wednesday.

Earnings Watch: Facebook’s fine, Boeing’s bind and Tesla’s bottom line

The Justice Department late Tuesday said its antitrust division was reviewing “whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers.”

Facebook and Apple Inc . /zigman2/quotes/202934861/composite AAPL -0.81%  are seen likely most at risk if government regulators are serious about pursuing antitrust actions, while Google parent Alphabet Inc . /zigman2/quotes/205453964/composite GOOG +0.51%   /zigman2/quotes/202490156/composite GOOGL +0.49%  and Amazon.com Inc . /zigman2/quotes/210331248/composite AMZN +0.22%  are also under scrutiny.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,094.79
-52.29 -0.19%
Volume: 216.44M
Sept. 19, 2019 5:17p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,006.79
+0.06 +0.0020%
Volume: 1.55B
Sept. 19, 2019 5:17p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
8,182.88
+5.49 +0.07%
Volume: 1.58M
Sept. 19, 2019 5:16p
loading...
/zigman2/quotes/210598147/delayed
US : US Composite
1,561.47
-6.87 -0.44%
Volume: 1.32M
Sept. 19, 2019 6:42p
loading...
/zigman2/quotes/202237907/composite
US : U.S.: Nasdaq
$ 128.83
-0.48 -0.37%
Volume: 2.68M
Sept. 19, 2019 4:00p
P/E Ratio
23.55
Dividend Yield
2.39%
Market Cap
$120.28 billion
Rev. per Employee
$528,105
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/zigman2/quotes/210598361/realtime
US : Nasdaq
1,592.07
-8.88 -0.55%
Volume: 125,568
Sept. 19, 2019 5:16p
loading...
/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 130.12
-0.95 -0.72%
Volume: 2.74M
Sept. 19, 2019 6:30p
P/E Ratio
12.12
Dividend Yield
3.17%
Market Cap
$73.20 billion
Rev. per Employee
$526,173
loading...
/zigman2/quotes/208579720/composite
US : U.S.: NYSE
$ 384.44
-1.97 -0.51%
Volume: 3.03M
Sept. 19, 2019 6:30p
P/E Ratio
45.02
Dividend Yield
2.14%
Market Cap
$216.33 billion
Rev. per Employee
$660,961
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 190.14
+2.00 +1.06%
Volume: 10.47M
Sept. 19, 2019 4:00p
P/E Ratio
32.22
Dividend Yield
N/A
Market Cap
$542.46 billion
Rev. per Employee
$1.57M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 220.96
-1.81 -0.81%
Volume: 22.19M
Sept. 19, 2019 4:00p
P/E Ratio
18.84
Dividend Yield
1.39%
Market Cap
$998.56 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 1,238.71
+6.30 +0.51%
Volume: 1.00M
Sept. 19, 2019 4:00p
P/E Ratio
25.01
Dividend Yield
N/A
Market Cap
$801.29 billion
Rev. per Employee
$1.39M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 1,238.75
+6.10 +0.49%
Volume: 847,002
Sept. 19, 2019 4:00p
P/E Ratio
25.01
Dividend Yield
N/A
Market Cap
$801.32 billion
Rev. per Employee
$1.39M
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 1,821.50
+4.04 +0.22%
Volume: 2.08M
Sept. 19, 2019 4:00p
P/E Ratio
75.57
Dividend Yield
N/A
Market Cap
$901.02 billion
Rev. per Employee
$359,671
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