The aluminum producer reported earnings late Monday that beat analyst expectations but sales missed forecasts. Shares were slightly lower in premarket trading.
Alcoa (Fortune 500) is often considered a proxy for corporate results since it's typically the first Dow component to report. ,
Consider this: Over the past 10 years, when Alcoa beat earnings estimates, the S&P 500 rose an average 4.4% during the following three months, according to FactSet, which forecast overall earnings growth to contract 0.6%.
After this year's strong run, most analysts expect investors to periodically tap on the brakes. All three major indexes have rallied 8% to 12% since January, and the Dow and S&P 500 have both set new record highs this month.
U.S. stocks cut early losses to finish higher Monday, rebounding from one of their worst weeks of the year.
Japan's Nikkei was flat on the day.
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