Wall Street Slips on Earnings

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US stocks slipped from two-week highs on Tuesday as results and forecasts from companies in sectors including housing and consumer products failed to live up to expectations. Apple, the largest US company by market capitalization, posted after the bell better-than-expected iPhone sales that however continued a declining trend and shares fell about 2 percent, briefly dragging S&P 500 futures to session lows. 

During the regular session, Whirlpool , down 10.8 percent to USD 152.09, cited soft demand as it posted lower-than-expected earnings and gave an underwhelming forecast. Sherwin Williams' outlook also disappointed Wall Street and shares fell 10.9 percent to USD 247.61. 

Both were an indication to some analysts that the housing sector may be cooling. "Lackluster results from Whirlpool and Sherwin Williams may indicate a slowing in the housing cycle," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. 

She said those results could be weighing on Home Depot , which was down 3.5 percent at USD 123.34 as the largest points decliner on the S&P 500. Lowes Cos fell 3.5 percent to USD 68.47.


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