Skip to main content

Stocks fall on Wall Street as earnings start to flow

Tuesday, April 20, 2021 | Damian J. Troise And Alex Veiga, AP Business Writers

In this Nov. 23, 2020 file photo, stone sculptures adorn the New York Stock Exchange. Stocks are easing lower in early trading on Wall Street as investors absorb the latest round of company earnings reports. The S&P 500 was off 0.2% in the first few minutes of trading Tuesday, April 20, 2021, pulling further below the record high it set on Friday. (AP Photo/Seth Wenig, File)

Stocks were down in afternoon trading Tuesday, giving up more of their recent gains as investors weighed the latest batch of company earnings reports for clues about the health of Corporate America.

The S&P 500 index was down 0.9% as of 2:27 p.m. Eastern. The Dow Jones Industrial Average fell 332 points, or 1% to 33,746 and the technology-heavy Nasdaq slid 1.2% after shedding an early gain.

Bond yields fell and weighed down banks, which rely on higher yields to charge more lucrative interest on loans. The yield on the 10-year Treasury fell to 1.56% from 1.60%. Bank of America fell 3% and Citigroup dropped 3.7%.

Technology stocks accounted for the biggest share of the decline in stocks, putting more pressure on the broader market. Apple fell 1.7%.

The broader market took a more defensive posture as utilities, real estate stocks and a mix of companies that make consumer staples like food and household products gained ground. General Mills rose 1.5% and Clorox rose 2.8%.

The Russell 2000 index of smaller company stocks, which has been outpacing the broader market all year, was taking the brunt of the losses, shedding 2.4%.

The market has been swaying between gains and record highs to pullbacks as investors weigh solid economic growth against the risks still posed by the virus pandemic. That push and pull will likely continue as vaccine distribution rolls on and various industries reopen.

“Overall, we’re going to have some volatility in the market this year, but everything to me looks fairly rosy for the next six months or so,” said Sylvia Jablonski, chief investment officer at Defiance ETFs.

Investors are in the middle of first-quarter earnings season. Roughly 80 members of the S&P 500 will report their results this week, as well as one out of every three members of the Dow. Wall Street will be looking to see if Corporate America is recovering with the rest of the economy from the coronavirus pandemic.

On average, analysts expect quarterly profits across the S&P 500 to be up 24% from a year earlier, according to FactSet.

United Airlines slid 9.4% after reporting a loss that was wider than analysts were expecting, and drugmaker Abbott fell after reporting revenue that fell short of forecasts.

Kansas City Southern jumped 16.4% after another Canadian railway company offered to buy the railroad for $33.7 billion, far higher than a $25 billion offer made by Canadian Pacific last month.

Markets in Europe also fell. Germany's DAX lost 1.6%, France's CAC 40 slid 2.1% and Britain's FTSE 100 gave up 2%.

Featured Article: What is a price target?

7 Stocks to Support Your New Year’s Resolutions

After a year like 2020, many Americans figure that just getting to 2021 was enough. But for many people, the start of a new year still means making resolutions. And while many Americans are still waking up to Groundhog’s Day, there is hope that things will look dramatically different in September than they do right now.

Some of the most popular resolutions include losing weight, exercising more, or taking steps to get our life and/or business more organized. And many pure-play companies lean into these trends and are doing well.

As an alternative to this, you can also invest in companies that are not pure plays but can still benefit from consumers looking to start fresh. Owning these stocks helps you manage your risk. If the trend holds, you can ride the wave. On the other hand, if the wave turns into a ripple, the stocks have other catalysts to get them through.

In this special presentation, we’ll take a look at both of these categories. We’ve got several pure-play companies that let investors buy stocks in companies benefiting from these trends. We’ll also give you a few stocks that fall in the latter category.

These are stocks that you might buy at any time and for many reasons. However, they present excellent buys as the new year begins.

View the "7 Stocks to Support Your New Year’s Resolutions".

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Kansas City Southern (KSU)1.9$305.80-0.8%0.71%50.55Buy$237.07
Bank of America (BAC)2.4$41.18-0.9%1.75%20.39Buy$37.84
Citigroup (C)2.7$74.23-0.9%2.75%14.76Buy$76.40
Compare These Stocks  Add These Stocks to My Watchlist 

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.