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Nasdaq hits record, J&J drags Dow

Monday, July 24, 2017 - 01:23

Shares of Google's parent Alphabet slumped after the markets closed Monday. As Fred Katayama reports, an EU fine took a big bite of the search engine company's profit.

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Johnson & Johnson dragged the S&P 500 and the Dow lower on Monday. But the Nasdaq rose to a record high ahead of Alphabet's earnings report. FBB Capital's Mike Bailey. SOUNDBITE: MIKE BAILEY, DIRECTOR OF RESEARCH, FBB CAPITAL, (ENGLISH) SAYING: "I think investors are starting to have second thoughts. The earnings season got off to a great start. Investors wondering, maybe, is that upside going to fade in a little bit? So we saw a little bit of a slowdown late last week. Kind of the same thing today." After the closing bell, shares of Alphabet fell. Quarterly profit dropped sharply due to the record $2.7 billion fine the EU slapped on Google's parent company. During the regular session, J&J shares fell. Korea's Samsung Bioepis said it began selling its copy of Johnson & Johnson's top selling rheumatoid arthritis drug Remicade WebMd shares leapt. KKR is buying the online health publisher for $2.8 billion. Shares of toy makers Hasbro and Mattel fell. Demand for Transformers toys boosted Hasbro's revenue, but that was its smallest sales beat in more than one-and-a-half years. Sales of existing homes fell in June. A lack of properties pushed home prices to a record high. Automakers shares pulled down European markets. But France's CAC edged higher.

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Nasdaq hits record, J&J drags Dow

Monday, July 24, 2017 - 01:23