U.S. stocks slip as earnings roll in second week of the season

430
2
U.S. stocks slip as earnings roll in second week of the season

U.S. stocks slipped as better-than-expected monthly earnings rolled in during what is the second most interesting week of the season for reports. The result is helping offset the wrangling in Washington after lawmakers missed the chance to extend the debt ceiling.

Consumer-related companies lead the parade as investors take positive results from Under Armour, an athletic retail giant who raised its full-year outlook after revenue rose 35% to $1.3 billion.

With a solid balance sheet and well-managed inventory, we're confident in our capacity to drive with uncompromised quality through 2021 as we get back on offense and make measured progress to return to sustainable, profitable growth over the long term," said Patrik Frisk, Under Armour President and CEO.

Clorox shares are under pressure after the consumer giant signaled that future sales of Clorox will fall between 2% to 6% as the pandemic rush to load up on wipes and disinfectants normalizes.

In energy, BP pulled in $2.8 billion in profits as oil continues to climb the oil giant to boost its dividend and buyback plan.

PepsiCo is selling a portion of its juice portfolio, which includes Tropicana and Naked, to the private equity firm PAI Partners for $3.3 billion but retains a 39 percent controlling interest in a newly formed joint venture.

Is online gambling reported to be a big threat for China, and stocks declined in China if regulator denounced it, according to reports. Further evidence shows government is wading deeper into oversight of pubically traded stocks.

In commodities, oil slipped 1.5% to the $70 price per barrel, while gold traded 0.19% lower to $1,813 an ounce.

In Asia, equities fell across the board, with the Nikkei 225 Index dropping 0.50%, while the Hang Seng Index fell 0.16% and the Shanghai Composite Index fell 0.47%.