S&P 500 Slips From All-Time High as Corporate Earnings Weigh
- Netflix shares tumble on disappointing subscriber growth
- J&J, McDonald’s lift Dow average to longest rally since 2013
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The S&P 500 Index slipped from a record, with the gauge trading in the narrowest range since 2014, as investors were circumspect on the prospects for further gains following a mix of corporate earnings reports.
The recent record run for equities hit some headwinds as Netflix Inc. tumbled 13 percent after subscriber growth disappointed, and Philip Morris International Inc. dropped 3 percent after its earnings missed forecasts as the strong dollar hurt sales outside of the U.S. Johnson & Johnson provided some offset, climbing 1.7 percent after its quarterly profit beat estimates. After the market closed, Microsoft Corp. rose on better-than-predicted earnings.