US stocks fell for the first time in six days on Tuesday, ahead of quarterly earnings reports from several megacap tech companies.
The Dow Jones Industrial Average fell 150 points. The S & P 500 fell 0.5% and the Nasdaq Composite fell 1.6%. All major averages deviate from their respective records reached in the previous session and are on track to break the five-day streak.
UPS’s share fell by more than 8% as shipping companies’ domestic revenues fell below estimates. UPS won top line and bottom lineHowever, e-commerce orders continued to skyrocket.
Tesla Eliminates previous profits, down next 2.5% More than expected second quarter earnings report.. For the first time, electric vehicle manufacturers have exceeded $ 1 billion in quarterly net profit.
“Market volatility is rising. Concerns about new virus stocks are exacerbated by increased positioning and light summer trading,” said Jean Boavan, director of the BlackRock Investment Institute.
With the central bank’s two-day meeting beginning, investors are waiting for a renewal of the Federal Reserve on its monetary policy. The Federal Open Market Committee will issue a statement when the meeting ends Wednesday, followed by a press conference by Chairman Jerome Powell.
International Monetary Fund warned on Tuesday Inflation turns out to be more than temporary and there is a risk of central banks taking preemptive action.
Invesco Chief Global Market Strategist Kristina Hooper said, “I sympathize with the Fed’s chairman Jay Powell walking a delicate tightrope. He will be very patient and thoughtful as the Fed begins the normalization process. We are preparing to taper the market, guaranteeing that. “
So far, 88% of S & P 500 companies have reported positive EPS surprises, according to FactSet. If 88% is the final percentage, it marks the highest percentage since FactSet started tracking this metric in 2008.
“We think we’ll get really solid revenue from these companies, which should give the market a little boost. Perhaps we’re running too many of these names already this year. Bounces that won’t grow. ” Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments.
“Apple has been in the integration phase over the past few months, so it may be a great opportunity to see something happen,” Fernandez added.
Dow slides over 100 points and falls for the first time in 6 days
Source link Dow slides over 100 points and falls for the first time in 6 days