Stocks Ended Lower amid Earnings

U.S. stocks closed lower Wednesday, following earnings from high-profile companies, including Caterpillar and Boeing, that offered a mixed picture of American corporations. The Dow Jones Industrial Average fell 59.34 points, or 0.22%, to 26,597.05. The S&P 500 shed 6.43 points, or 0.22%, to 2,927.25. The Nasdaq Composite dropped 18.81 points, or 0.23%, to 8,102.01.

U.S. benchmark oil futures on Wednesday pulled back from their highest levels since October, with a hefty gain in weekly domestic crude stockpiles prompting the first loss in four sessions. West Texas Intermediate crude for June delivery fell 41 cents, or 0.6%, to settle at $65.89 a barrel. June Brent crude tacked on 6 cents, or less than 0.1%, at $74.57 a barrel.

Facebook (FB) on Wednesday reported its Q1 2019 earnings with the company beating Wall Street’s expectations. During the quarter, the company had revenue of $15.08 billion. Analysts had projected $14.9 billion in revenue. Earnings per share topped out at $1.89, which was higher than analysts’ expectations of $1.62 per share.

Microsoft (MSFT) reported better-than-expected fiscal third-quarter financial results. During the quarter, the tech giant reported revenue of $30.60 billion, which was better than consensus estimates of $29.86 billion in revenue. Microsoft earned $1.14 per share, exceeding analyst expectations of $1.00 earnings per share.