U.S. stocks fell from record highs amid a torrent of corporate results, while the Euro swung between gains and losses and European Bond Yields climbed from all-time lows after Mario Draghi did not give markets more of a dovish signal. All 11 industry sectors in the S&P 500 closed lower a day after the benchmark index closed at an all-time high. The Dow Jones Industrial Average slumped to the lowest two weeks as investors digested a flood of earnings. 3M initially advanced after beating estimates before turning lower, while Tesla plunged on weak results. A Federal Trade Commission probe weighed on Facebook, overshadowing impressive results. After the close or regular trading, Amazon fell after posting lower-than-forecast earnings and Alphabet exceeded revenue estimates. Stocks’ weakness, despite yesterday’s ECB dovishness, calls into question how much upside equities have left even if the Fed cuts Interest Rates as expected next week. With global leading economic indicators still weak, investors seem increasingly unwilling to keep buying without greater signs of improving fundamentals.
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