Stocks dip ahead of report on inflation

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On Tuesday, Wall Street experienced a decline as a result of mixed earnings reports, contributing to the ongoing stagnation of stock prices over the past month.

The S&P 500 dropped 18.95 points, equivalent to 0.5%, settling at 4,119.17, the Associated Press reports.

Similarly, the Dow Jones Industrial Average decreased by 56.88 points, or 0.2%, reaching 33,561.81. The Nasdaq composite also saw a decline of 77.36 points, or 0.6%, settling at 12,179.55.

Despite reporting better-than-expected profit and revenue for the latest quarter, Paypal witnessed a significant drop of 12.7%.

Analysts noted that investors may have been disappointed by its profit forecast relative to revenue.

Electric automaker Lucid Group experienced a decline of 5.6% after reporting a quarterly loss that was worse than anticipated.

Skyworks Solutions recorded a 5.2% decrease after reporting profits for the first three months of the year that aligned with forecasts.

The company’s remarks regarding weak demand from China for Android phones likely unsettled investors, as reported by the AP.

Written by staff