Stock market today: Wall Street edges lower following losses by Ford, JetBlue and others

NEW YORK (AP) — U.S. stocks are edging lower, hurt by sharp drops for Ford Motor, JetBlue Airways and others as more companies report how much profit they made during the summer. The S&P 500 was 0.2% lower in early trading Tuesday, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average was down 177 points, or 0.4%, while the Nasdaq composite was down 0.1%. Ford sank after saying an underlying measure of profit for the full year will likely come in at the bottom end of its forecasted range. Treasury yields continued to move higher in the bond market.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street ticked modestly lower before markets opened Tuesday with a full slate of corporate earnings on the way, as well as new data on jobs and the confidence of the American consumer.

Futures for the S&P 500 fell less than 0.1% before the bell, while futures for the Dow Jones Induconfidencestrial Average fell 0.3%.

Sharees of McDonald’s fell 2.3% despite beating Wall Street sales and profit targets as its $5 value meals helped lure inflation-weary customers. It remains to be seen how a recent E. coli outbreak will impact the burger chain’s sales in the current quarter. McDonald’s had to pull Quarter Pounders off the menu at 900 stores after the U.S. Food and Drug Administration determined that the burger’s slivered raw onions were the likely cause of E. coli contamination. The outbreak has killed one person and sickened at least 75 others across 13 states.

D.R. Horton sank 9.6% and it dragged own other homebuilders as well after its fourth quarter sales and profit declined and it failed to meet the expectations of industry analysts.

Ford slid 5.5% overnight after the automaker reported a big decline in profit late Monday as it took a $1 billion charge for a canceled three-row electric SUV. Ford’s net profit fell 26% and the company lowered its full-year earnings guidance.

Shares of the shoe maker Crocs tumbled more than 10% with disappointing guidance overshadowing a very strong quarter.

Shares of Trump Media & Technology Group Corp. jumped 20% early Tuesday with one week remaining before Election Day.

Google parent company Alphabet reports its latest quarterly results after the bell Tuesday.

Also arriving Tuesday are reports on September job openings and consumer confidence. The latest layoffs data will be released Thursday, followed a day later by the crucial October jobs report — the last monthly read before the 2024 presidential election.

In Europe at midday, France’s CAC 40 gained 0.4%, while Germany’s DAX rose nearly 0.3%. Britain’s FTSE 100 was unchanged.

Japan’s benchmark Nikkei 225 added 0.8% to finish at 38,903.68. Australia’s S&P/ASX 200 gained 0.3% to 8,249.20. South Korea’s Kospi added 0.2% to 2,617.80. Hong Kong’s Hang Seng edged up 0.5% to 20,701.14, while the Shanghai Composite slipped 1.1% to 3,286.41.

In Japan, the government reported that unemployment stood at 2.4% last month, marking an improvement of 0.1 percentage point, and the second straight month of recovery. The continuing weak yen is helping hold up Japanese stocks.

The U.S. dollar gained to 153.67 Japanese yen from 153.23 yen. The euro cost $1.0799, down from $1.0817.

Stock in energy producers has been under pressure, falling in tandem with oil and gas prices. Benchmark U.S. crude rose 87 cents to $68.25 a barrel one day after the worst sell-off in two years. Brent crude, the international standard, added 84 cents to $71.84 a barrel.

On Monday, benchmark U.S. crude and Brent crude each slid 6.1%, the first trading since Israel attacked Iranian military targets over the weekend in retaliation for an earlier barrage of ballistic missiles. Israel did not target the nation’s energy infrastructure as had been feared.

Anxiety over a possible attack on the oil fields of the world’s seventh largest crude producer had sent the price of Brent crude up to nearly $81 per barrel in early October, despite signals that plenty of oil is available for the global economy. It’s since fallen back below $72.

Financial markets are also dealing with the volatility that typically surrounds a U.S. presidential election, with Election Day one week away. Markets have historically been shaky heading into an election, only to calm afterward regardless of which party wins.

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