Microsoft and Procter & Gamble and other mega cap stocks published their quarterly earnings. Here's what you need to know.
Leading equity indices in the US declined as Nasdaq shed 1.96% and closed at 11,400. S&P 500 closed at 4,017.77, a 1.3% change.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were down, mega cap stocks have released their quarterly earnings reports. Have a look at this rundown.
Early in yesterday's session, Microsoft dropped to $242.2 from $248.16 at the end of Friday, before closing at $242.71. During the session, it lost 2.2%.
The day's trading volume totalled 25.87 million shares — slightly under the 21-day average of 32.44 million.
Procter & Gamble recovered from the previous trading session's losses and went up to $141 yesterday after it traded lower at $140.28. Trading volume totalled 6.30 million which equates to around 91% of the stock's 21-day average yesterday.