Wall Street drops as economic outlook, corporate forecasts sour [Reuters]
Meta Platforms, Inc. - Class A (FB)
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Source: Reuters
Wall Street drops as economic outlook, corporate forecasts sour NEW YORK (Reuters) - U.S. stocks ended lower on Tuesday, snapping a four-session rally, as a gloomy global economic growth outlook, trade concerns and disappointing company forecasts dampened sentiment. All three major U.S. stock indexes pared losses after White House economic advisor Larry Kudlow denied a report by the Financial Times that the Trump administration canceled preparatory trade talks with China. Still, the S&P 500, the Nasdaq and the Dow all posted their biggest one-day percentage drops since Jan. 3. On Monday, the International Monetary Fund trimmed its 2019 global economic growth estimates, and China confirmed its slowest economic growth rate in 28 years. “There seems to be a plethora of negative news regarding the global economy and China and the corporate profits that were reported today couldn’t offset that,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana
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