Shares End Lower as UK Lawmakers’ Vote Against Brexit Timetable Outweighs Positive Earnings Results

Press Release

Stocks ended lower Tuesday, as positive earnings news was weighed down by British lawmakers who are seeking more time to examine Prime Minister Boris Johnson’s agreement for the country to exit the European Union. A majority of members in the House of Commons voted against the Brexit deal’s short timetable, which calls for the country to leave the EU on Oct. 31. Johnson said he would “pause” the Withdrawal Agreement Bill until he speaks with EU officials.

An EU spokesman said the European Commission “takes note of tonight’s results and expects the UK government to inform us about the next steps,” the BBC reported.

Energy shares popped 1.3% as crude-oil futures surged. West Texas Intermediate rose almost 1.7% to $54.21 a barrel while international benchmark Brent added more than 1.1% to $59.63 a barrel.

Chevron (CVX) added 1%, and Pioneer Natural Resources (PXD) gained 4%. Schlumberger (SLB) rose 3.7%.

United Technologies (UTX) advanced 2.2% to pull industrial shares 0.8% higher after the industrial conglomerate raised its full-year guidance after its third-quarter results beat expectations. Boeing (BA) finished 1.8% higher the head of the Federal Aviation Administration said the planemaker is making progress in getting its grounded 737 MAX back into service.

Health care shares rose nearly 0.2%, pulled higher by UnitedHealth Group’s (UNH) 2.2% gain. Johnson & Johnson (JNJ) firmed 1%. Biogen (BIIB) surged 26% after announcing it would be applying for approval for an early Alzheimer’s treatment it had abandoned earlier this year. It also reported better-than-expected quarterly results.

Tech shares fell almost 1.4%, dragged lower by Microsoft’s (MSFT) 1.5% slide. Cadence Design Systems (CDNS) lost 5.7% while Intuit (INTU) shed 3.4%.

In corporate news, Travelers (TRV) dropped 8.3% and McDonald’s (MCD) lost 5% after the blue chips’ quarterly results missed views.

Hasbro (HAS) dropped nearly 17% after the toy company said its third-quarter earnings fell as tariffs from the US-China trade dispute hurt sales to retailers.

Harley-Davidson (HOG) finished 8% higher after the motorcycle company backed its full-year shipments guidance after posting better-than-expected quarterly results.

The Dow Jones Industrial Average fell nearly 0.2% while the Standard & Poor’s 500 shed almost 0.4%. The Nasdaq Composite lost more than 0.7%.

This post was originally published on Health Opinion

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