by Lewis Krauskopf, Sruthi Shankar and Ankika Biswas
(Reuters) – The New York Stock Exchange ended lower on Thursday, after disappointing quarterly results, like those of Tesla or AT&T, and while uncertainty reigns over the path of interest rates.
The Dow Jones index fell 0.33%, or 110.39 points, to 33,786.62 points.
The broader S&P-500 lost 24.73 points, or 0.60%, to 4,129.79 points.
The Nasdaq Composite fell for its part by 97.67 points (-0.80%) to 12,059.56 points.
Investors expect the first-quarter earnings season to be mixed, and analysts predict a nearly 5% year-on-year decline in quarterly earnings for S&P 500 companies, according to Refinitiv data.
“As we enter the heart of earnings season, we’re going to see demand slow, corporate earnings shrink and there’s little catalyst to spur buyers,” said Anthony Saglimbene, chief strategist at Ameriprise Financial.
Investors are also watching the path of interest rates, as many expect the US Federal Reserve (Fed) to maintain tight monetary policy for longer than expected.
Data released by the Labor Department shows that the number of jobless claims rose last week, suggesting a slowdown in the job market.
In values, Tesla fell after reporting a quarterly gross margin below expectations due to repeated price cuts on its electric vehicles.
AT&T also ended in the red after weaker-than-expected revenue.
American Express was also down after raising its provisions for losses to more than $1 billion in the first quarter.
(With contributions from Vansh Agarwal; Camille Raynaud)
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