Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Oct 18 - Wall Street's main indexes fell on Wednesday as growing tensions in the Middle East dented risk sentiment, with investors also focused on earnings to gauge the impact of inflation and high interest rates on businesses.
"The war in Ukraine and the recent events in the Middle East are absolutely weighing on markets and any geopolitical issues and uncertainty will usually create a flight to safety for investments," said Chris Giamo, head of commercial banking at TD Bank. Abbott Laboratories advanced 2.1% after beating third-quarter profit estimates on strong sales of devices, diagnostics products.
"The macro environment of the economy is settling; we're realizing we will likely be in this higher rate environment for a more prolonged period of time," TD Bank's Giamo added. At 9:42 a.m. ET, the Dow Jones Industrial Average was down 87.17 points, or 0.26%, at 33,910.48, the S&P 500 was down 22.08 points, or 0.50%, at 4,351.12, and the Nasdaq Composite was down 95.49 points, or 0.71%, at 13,438.25.
United Airlines Holdings lost 7.2% after forecasting weaker fourth-quarter profit due to higher costs. Rivals American Airlines and Delta Air Lines also shed 3.9% and 4.2%, respectively.
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