Stocks Take a Breather as Earnings Disappoint, Dollar Advances
- S&P 500 slips from record as Netflix tumbles, J&J climbs
- Dollar strengthens as housing data surpasses forecasts
Zentner: No Argument to Be Made for Fed to Raise Rates
Corporate earnings set the tone on global equity markets, with stocks from Europe to the U.S. slipping after a three-week run added $4.6 trillion in value worldwide. Treasuries rose with gold on haven demand.
Most U.S. stocks slipped after benchmark indexes closed at fresh records, as Netflix Inc. led losses amid disappointing subscriber growth. Results from Johnson & Johnson helped the Dow Jones Industrial Average to its longest rally since 2013. European stocks down fell from a three-week high, while emerging-market shares halted an eight-day advance. The dollar rose to a six-week high after U.S. housing starts rose more than forecast, while the pound extended losses. Crude fell to a two-month low.