Stocks finished lower after several U.S. companies delivered disappointing results and forecasts. UPS was way down after the package delivery company reported revenue that fell short of analysts’ estimates. Engine maker Cummins fell 8 percent after the company’s earnings fell far short of forecasts. The company also cut its revenue estimate for the year and said it would eliminate 2,000 jobs.
It was also reveled today that the Securities and Exchange Commission (SEC) is conducting an investigation into IBM’s accounting treatment of certain transactions. Shares of IBM were down about 3 percent following the news. The SEC is looking into IBM’s revenue recognition in some transactions that took place in the U.S. and elsewhere around the world.
Meantime, the latest CNBC Fed Survey shows that the chance of recession over the next year vaulted to a two-year high as Wall Street continues to downgrade the outlook for U.S. economic growth and delay the date for the first Fed rate hike.
See more from CNBC below.
Here are the final numbers from Tuesday, 10/27/15 on Wall Street:
Dow Jones Industrial Average: 17,581.43 (-41.62/ -0.24%)
NASDAQ: 5,030.15 (-04.56/ -0.09%)
S&P 500: 2,065.89 (-5.29 / -0.26%)