Earnings reporters are acting weighing on the Dow Jones Industrial Average Tuesday, as the net effect of the premarket stock declines is to shave about 37 points off the index's price. Four Dow components reported second-quarter results before Tuesday's open, with Pfizer Inc ( stock (PFE) rising 2.7% to pace the Dow's gainers, followed by the 1.5% rally in Raytheon Technologies Corp ( ). (RTX) shares, after both companies beat profit and sales expectations. The combined implied price gains would add about 13 points to the Dow's price, while Dow futures sank 103 points, or 0.4%. Meanwhile, shares of 3M Co ( ). (MMM) dropped 2.6% to pace the Dow's early losers and McDonald's Corp ( ). (MCD) was next with a 1.5% decline, after both companies reported earnings misses. The combined implied price decline would shave about 50 points off the Dow's price.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2020 09:10 ET (13:10 GMT)
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