Although earnings reports from over 70 percent of companies have beaten analysts’ estimates this quarter, the disappointers packed a hard punch.
Disappointing earnings reports from a handful of companies had an outsized impact on the major American stock indices during Thursday’s trading session. The Dow Jones Industrial Average (NYSEARCA:DIA) lost 81 points to hit 14,537 for a 0.56-percent decline. The S&P 500 (NYSEARCA:SPY) fell 0.61 percent to close at 1,541.
The Nasdaq 100 (NASDAQ:QQQ) sank 1.44 percent to 2,741. The Russell 2000 (NYSEARCA:IWM) declined 0.58 percent to end the day at 901.
Earnings misses from eBay (NASDAQ:EBAY) and IBM (NYSE:IBM) dragged down the tech sector on earnings, while SanDisk (NASDAQ:SNDK) got pummeled because of its refusal to expand manufacturing facilities to meet demand.
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