Wall Street opens flat after mixed earnings from industrials
- U.S. stocks pulled back slightly on Wednesday after a record-setting rally in the prior session, as investors digested a batch of mixed earnings reports.
“Thus far you’ve had pretty strong reactions to earnings and investor sentiment is nervously positive,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. Caterpillar Inc fell 3.2%. The company topped analysts’ estimates for quarterly profit but posted a 4% decline in construction revenue in Asia-Pacific, one of its key markets dominated by China.
The healthcare sector fell 0.4% and weighed the most on the markets amid ongoing concerns of tighter regulations.AT&T Inc shares declined 3% after the second-largest U.S. wireless carrier reported quarterly revenue below Wall Street estimates.
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