A day after the S&P 500 and Nasdaq reached record highs, investors take pause to digest results from Caterpillar and Boeing.
The S&P 500 dropped as much as 3 points or 0.1% at 9:50 AM ET (13:50 GMT) while the DOW at this same time was down by as much as 54 points or 0.2% though both rebounded a little following those lows.
Caterpillar inched up 1% in pre-market trading as it’s reported revenue of $13.47 billion exceeded projections. However, a subsequent Bloomberg report that the company may lose some market share in China caused the stock to drop by 2.2%.
Despite the worldwide grounding of it’s 737 Max following two deadly crashes, Boeing shares still gained 0.7%. The company said that it expects an initial financial hit of $1 billion and suffered a 21% drop in net revenue during the first quarter following the crashes.
In other reports, AT&T is down 3.5% after it’s missing quarterly revenue estimates. Anadarko Petroleum surged 11.2% after Occidental Petroleum offered to purchase the company for $38 billion well above the $33 billion Chevron had offered. Apple crept up 0.3%, Qualcomm was up 1.5%, and eBay was also up 4.1%.