Stocks slide as Brexit vote fails, Turkey cease-fire expires
Stocks fell on Tuesday as the U.K.'s Brexit timeline was thrown into uncertainty and the cease-fire in Syria expired.
The major averages slid off their best levels of the day after U.K. Prime Minister Boris Johnson's attempt to have the nation leave the European Union on Oct. 31 was voted down by lawmakers. The EU will now consider a letter Johnson sent on Saturday that requests Brexit be delayed until Jan. 31, 2020.
Stocks saw further selling in the final 15 minutes of trading after Turkish President Recep Tayyip Erdogan said the U.S. did not fully live up to its promises in its Syria deal. The ceasefire that was brokered by Vice President Mike Pence and Secretary of State Mike Pompeo expired at 3 p.m. ET.
The Dow Jones Industrial Average fell 39.54 points, or 0.15 percent while the S&P 500 and Nasdaq closed lower by 0.35 percent and 0.72 percent, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Boeing shares provided support to the Dow after the planemaker said it received an order for two 787 Dreamliners. However, shares finished off their best levels of the session after Kevin McAllister, the executive running Boeing's commercial airplanes business, announced he was stepping down amid the fallout from the two deadly 737 Max crashes.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 156.54 | +1.10 | +0.71% |
On the earnings front, McDonald’s reported its first profit miss of Wall Street expectations in two years. The fast-food company did, however, raise its dividend by 8 percent to $1.25 a share.
Elsewhere, Harley-Davidson shares were higher despite its profit falling 24 percent year-over-year to $86.6 million. The motorcycle manufacturer said international retail sales rose 2.7 percent while U.S. sales fell 3.6 percent. Motorcycle shipments have fallen 5.8 percent year-to-date.
Shares of Hasbro were hit hard after the toymaker said tariffs weighed on revenues during its third quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 296.01 | +0.93 | +0.32% |
| HOG | HARLEY-DAVIDSON INC. | 33.63 | -0.11 | -0.33% |
| HAS | HASBRO INC. | 65.15 | +1.26 | +1.97% |
Meanwhile, Under Armour CEO Kevin Plank announced he will step down at the end of the year, and be replaced by president and COO Patrik Frisk. Plank will stay on as the company’s executive chairman. Shares rallied on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UA | UNDER ARMOUR INC. | 8.79 | +0.01 | +0.06% |
Commodities gained as gold rallied 0.16 percent to more than $1,490 an ounce and West Texas Intermediate crude oil climbed 1.69 percent to $54.21 a barrel.
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Treasurys rallied, pushing the U.S. 10-year yield down 2.4 basis points at 1.768 percent.