The S&P 500 and the Dow edged lower to kick off Thursday trade, as the busiest day of this earnings season got under way.
Wall Street also was processing a stunning turn about by the Federal Reserve, which on Wednesday said it was unlikely to raise rates for the foreseeable future, citing "cross currents" in global markets.
The Dow Jones Industrial Average traded 106 points, or 0.4%, lower at 24,904, weighed by declines in shares of DowDuPont Inc. following its quarterly results, the S&P 500 index traded less than 0.1% lower at 2,680, dragged down by declines in technology and materials However, the technology-laden Nasdaq Composite Index traded higher, bolstered by upbeat quarterly results late-Wednesday from Facebook Inc.
Thursday will see some three dozen S&P 500 components report results today, marking the most frenzied day of earnings releases this quarter.
On Wednesday, the market reacted positively to the Fed's updated policy statement, which hint that future rate increases by monetary-policy makers may be on hold for now. In other corporate news, Intel Corp. named Robert Swan its new CEO, while Tesla Inc. on Wednesday announced the departure of its CFO during its quarterly performance update.
Source : Market Watch