:max_bytes(150000):strip_icc()/GettyImages-1424336729-59984f2ff68c462eb367ac8a2efb5cea.jpg "RTX, D.R. Horton, Verizon, and More")
Key Takeaways
- U.S. equities were lower at midday Tuesday, Jan. 23, 2024, after the Dow and S&P 500 reached record highs Monday.
- Home builder stocks declined after D.R. Horton said incentives and price cuts hurt its profits.
- RTX got a boost from rising demand for U.S. air travel and military equipment sales.
U.S. equities turned lower at midday after the Dow and S&P 500 finished at all-time highs yesterday. The Dow, S&P 500, and Nasdaq were all in negative territory.
D.R. Horton (DHI) shares slumped after the biggest U.S. home builder by revenue missed earnings estimates as it cut prices and offered incentives to help buyers facing high mortgage rates. Shares of rivals fell as well.
Shares of 3M (MMM) dropped as the conglomerate’s full-year guidance missed expectations. Invesco (IVZ) shares also slid after the investment firm’s clients pulled $8.3 billion from its products and it took a $1.2 billion charge because of a previous purchase of mutual funds contracts.
RTX (RTX) was the best-performing stock in the S&P 500 as the aerospace and defense contractor beat profit and sales forecasts on an increase in airline flights and military spending.
Shares of Procter & Gamble (PG) gained after the consumer products giant’s earnings rose on higher prices.
Verizon (VZ) shares jumped as the telecom provider added more wireless subscribers than anticipated.
Oil and gold futures advanced. The yield on the 10-year Treasury note climbed. The U.S. dollar was up versus the euro, pound, and yen. Prices for most major cryptocurrencies tumbled.
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