Election Day 2016: US stocks open lower a day after surge

Trader Thomas Ferrigno works on the floor of the New York Stock Exchange, Monday, Nov. 7, 2016. Stocks are opening sharply higher on Wall Street after the F.B.I. said newly discovered emails didn't warrant any action against presidential candidate Hillary Clinton. (AP Photo/Richard Drew)
Trader Thomas Ferrigno works on the floor of the New York Stock Exchange, Monday, Nov. 7, 2016. Stocks are opening sharply higher on Wall Street after the F.B.I. said newly discovered emails didn't warrant any action against presidential candidate Hillary Clinton. (AP Photo/Richard Drew)

NEW YORK (AP) – The latest on developments in U.S. financial markets (All times local):

9:35 a.m. – Stocks are moving modestly lower in early trading on Wall Street, a day after the market’s biggest surge since March.

Several companies were sinking Tuesday after reporting disappointing results. Car rental company Hertz plunged 42 percent after its earnings came up far short of what analysts were looking for.

Homebuilder D.R. Horton’s earnings also were shy of estimates, and drugstore chain CVS had lower revenue than analysts expected.

The market had soared a day earlier as Hillary Clinton’s chances for winning the U.S. presidential election appeared to improve. Investors have been anxious over signs that the U.S. presidential race was tightening.

The Dow Jones industrial average slipped 37 points, or 0.2 percent, to 18,221.

The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,124. The Nasdaq composite declined 16 points, or 0.3 percent, to 5,150.

 

 

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