Stocks – S&P Struggles on Brexit Storm, Boeing Changes, Tech Weakness

© Reuters.

Investing.com – Stocks on Wall Street fell back modestly Tuesday, buffeted by political undertainty in Britain, tech weakness at home and a big change at Boeing (NYSE:).

The slipped 0.36% and fell back under 3,000. It lasted just one day above 3,000 after a month of closes under that level, which has proved a stubborn resistance level.

The fell 0.15% on weakness in Travelers Companies NYSE:) and McDonald’s (NYSE:).

The fell back 0.72% on weakness in such stocks as Facebook (NASDAQ:), Advanced Micro Devices I(NASDAQ:) and Microsoft (NASDAQ:). Microsoft reports fiscal-first-quarter earnings after Wednesday’s close.

Tech shares may be pressured again on Wednesday after Texas Instruments (NASDAQ:) fell 10% postmarket after offering a gloomy outlook.

The S&P fell back in part because of the uncertainty from Britain after Prime Minister Boris Johnson lost a key vote on taking the United Kingdom out of the European Union. Parliament voted against Johnson’s fast-track timetable, putting into doubt the ability for the U.K. to leave with a deal by the Oct. 31 deadline, and it may lead to new elections.

Boeing (NYSE:) shares moved 1.9% higher after the aerospace giant said Kevin McAllister is stepping aside as president of Boeing Commercial Airplane, the division that makes the now-grounded 737 MAX airliner. He is the highest-profile executive affected by the crisis that erupted when two 737 MAX planes crashed and killed 346 people.

Boeing (NYSE:) reports third-quarter results before Wednesday’s open, and CEO Dennis Muilenburg is expected to testify before Congress next week.

McDonald’s shares, down 5%, weighed on the and other fast-food stocks after earnings missed estimates. Chipotle Mexican Grill (NYSE:), which reports after the close, was off more than 3%.

After the close, Chipotle reported $3.82 a share in earnings, up from $1.16 a share a year ago. Revenue was

Read More Here...

Bookmark the permalink.