Published Aug 01, 2023 03:19PM ET
© Reuters
US500 -0.21% Add to/Remove from Watchlist MRK -1.04% Add to/Remove from Watchlist PFE -1.51% Add to/Remove from Watchlist IXIC -0.32% Add to/Remove from Watchlist CCL -4.56% Add to/Remove from Watchlist NCLH -12.57% Add to/Remove from Watchlist UBER -5.94% Add to/Remove from Watchlist
Investing.com — The S&P 500 stumbled Tuesday, pressured by weakness in consumer stocks as investors digested the latest round of quarterly results.
The fell 0.2%, the rose 0.2%, or 67 points, was down 0.3%.
Falling cruise stocks weigh on market
Norwegian Cruise Line Holdings Ltd (NYSE: ) slumped 13% after the cruise company’s third-quarter guidance fell short of estimates and overshadowed its better-than-expected .
The company forecast adjusted EPS of $0.70 in the third quarter, below estimates of 80 cents per share, stoking investor worry about demand.
The weaker guidance weighed on other cruise stocks including Carnival Corporation (NYSE: ).
Pfizer drags health care lower; Merck impresses
Pfizer Inc (NYSE: ) reported mixed quarterly results as earnings topped, but revenue fell short of estimates.
The company also cut its full-year revenue guidance warning of “near-term revenue challenges.”
Merck & Company Inc (NYSE: ), meanwhile, reported a narrower loss as topped analyst estimates, underpinned by the strength of its cancer drug Keytruda.
Uber and Cat shine on earnings stage
Uber Technologies Inc (NYSE: ) rose more than 2% after its third-quarter guidance overshadowed , missing analyst estimates on both the top and bottom lines. The company also reported its first quarter of free cash flow of over $1 billion and its first operating profit.
Uber’s management’s guidance for the third quarter “calls for adj. EBITDA in the range of $975mm to $1,025mm, ahead of the Street’s $927mm forecast and above our $950mm estimate,” Wedbush said as it raised its price target on the stock to $55 from $52.
Jobs market shows signs of softness
On the economic front, the labor market looks to be easing after the number of in June fell more than expected in June to 9.58 million, from 9.61M openings in May.
The signs of weaker labor demand are likely to be welcomed by the Federal Reserve and bolster expectations that rate hikes are unlikely to be resumed.
S&P 500 stumbles pressured by cruise stocks as earnings season heats up
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