Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: S&P 500 ends rally on P&G outlook

Overnight Markets: S&P 500 ends rally on P&G outlook

The Standard & Poor's 500 Index declined on Wednesday following a four-day rally after Procter & Gamble slashed its outlook, though some positive earnings limited the decline optimism about economic growth.

The Dow Jones industrial average slipped 31 points, or 0.19%, to end at 15,964. The S&P 500 Index closed flat at 1,819. The Nasdaq Composite Index gained 10 points, or 0.24%, to close at 4,201.

The Dow felt the pressure when Procter & Gamble declared lower full-year earnings and sales outlook due to the devaluation of currencies in various developing markets. Shares of P&G (PG.N) lost 1.7%.

Optimism the economy can weather further stimulus cuts after comments by Federal Reserve Chair Janet Yellen limited the decline.

The Nasdaq gained for a fifth straight session after TripAdvisor Inc (TRIP.O) climbed 7.2% a day after the travel website company reported revenue that beat expectations.

In other earnings news, Owens Corning (OC.N) shares surged 8.7% after the building products maker reported adjusted fourth-quarter profits that more than tripled, driven by a rebound in the US housing market.

After the market closed, Cisco Systems Inc (CSCO.O) shares fell 4.2% after the network equipment maker reported a decline in revenue, though the decline was less than expected.

Whole Foods Market Inc (WFM.O) shares lost 6.4% after the largest US natural and organic grocery chain cut its full-year sales and profit view.

NetApp Inc (NTAP.O) shares fell 3.7% in extended-hours trading following the company's release of quarterly results after the market closed.

Amazon.com Inc (AMZN.O) was down 3.5% after UBS downgraded the stock of the world's largest online retailer to "neutral".

In Asia, shares declined on Thursday in late morning trade after the regional benchmark index climbed for a sixth day yesterday to cap its longest run of advances this year.

The MSCI Asia Pacific Index slipped 0.6% to 136 as of 11:25 a.m. in Tokyo after rising as much as 0.1%. Japan’s Topix index fell 0.8%. South Korea’s Kospi index swung between gains and losses. Taiwan’s Taiex index and Hong Kong’s Hang Seng Index both lost 0.4%. China’s Shanghai Composite Index slid 0.3%.

Australia’s S&P/ASX 200 Index slipped 0.1%, erasing gains of as much as 0.4%. New Zealand’s NZX 50 Index fell 0.2%. Singapore’s Straits Times Index added 0.2%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play The CEO tapes: 'the only reason you get fired is relationships'

The CEO tapes: 'the only reason you get fired is relationships'

In today’s instalment of the CEO tapes, four top asset management chief executives discuss corporate culture and how you ensure that you get it right.

1 Comment Play The CEO tapes: the 'laddish' fund manager culture

The CEO tapes: the 'laddish' fund manager culture

In the first of 10-part series, four of the UK's best known fund bosses discuss the sensitive issue of female representation across the industry.

Play Video exclusive: Martin Gilbert grilled on Standard Life deal

Video exclusive: Martin Gilbert grilled on Standard Life deal

In this revealing interview, Aberdeen's boss offers the inside story on his firm's mega merger with Standard Life.

Read More
Your Business: Cover Star Club

Profile: how Cerno was forged in Asia's boom and bust

Profile: how Cerno was forged in Asia's boom and bust

Cerno Capital’s investment philosophy was born in the spectacular boom and bust of Asia in the 1990s.

Wealth Manager on Twitter