U.S. stocks were in negative territory on Wednesday on fears regarding the U.S.-China trade conflict as well as a potential global economic slowdown. The Dow Jones Industrial Average fell more than 65 points to 24,345, the S&P 500 index lost 0.65% to 2,616 and the Nasdaq Composite Index retreated 0.88% to 6,959.
Shares of United Technologies Corp. (UTX, Financial) jumped more than 4% on Wednesday after the company announced fourth-quarter results. It reported revenue of $18.04 billion, reflecting 15.1% year-over-year growth and beating expectations by $1.22 billion. Earnings were $1.95 per share, beating estimates by 40 cents.
Full-year sales of $66.5 billion were up 11% and adjusted earnings per share grew 14% from the prior-year quarter to $7.61.
Looking ahead, the company expects 2019 adjusted earnings between $7.70 and $8 per share and sales in the range of $75.5 billion to $77 billion.
Gainers
- Waters Corp. (WAT, Financial)
- Comcast Corp. (CMCSA, Financial)
- Procter & Gamble Co. (PG, Financial)
- Fiserv Inc. (FISV, Financial)
Losers
- Whirlpool Corp. (WHR, Financial)
- Qualcomm Inc. (QCOM, Financial)
- Vulcan Materials Co. (VMC, Financial)
- Kimberly-Clark Corp. (KMB, Financial)
Global markets
The main European indexes traded lower. The U.K.'s FTSE 100 declined 0.85%, France's CAC 40 dipped 0.15%, Germany's Dax fell 0.17% and Spain's Ibex 35 gained 1.01%.
In Asia, Japan's Nikkei 225 fell 0.14%, India’s BSE Sensex lost 0.92%, Hong Kong's Hang Seng advanced 0.01% and China's Shanghai Composite rose 0.05%.
Disclosure: The author holds no positions in any stocks mentioned.
