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Equity futures are mixed after a major average of five consecutive wins

US stock index futures were mixed during early Wednesday morning trading after a major average Pulled back From a record high, we recorded five consecutive wins.

Futures contracts related to the Dow Jones Industrial Average fell by just 11 points. Both S & P 500 futures and Nasdaq 100 futures were traded in the positive territory.

During normal trading S & P Although it decreased by 0.47%, Dow We reduced 85.79 points, or 0.24%. At the lows of the day, the 30-stock benchmark fell by more than 260 points. NS Nasdaq Composite Index Decreased 1.21% due to the worst daily performance since May 12th. All three major averages finished Monday’s session at record highs.

“Risk sentiment is at stake because of pressure on Chinese equities,” TD Securities said in a note to its clients. “This is at the wrong time, as the market is digesting the epidemic of growth fears,” the company added. The Asian market sold out amid ongoing crackdowns from Beijing on tech and education companies.

A host of Megacap technicians reported quarterly results on Tuesday after the market closed. Apple, Which Exceed top and bottom line estimates iPhone sales surged 50% year-on-year, he said. Google-Parent alphabet Also post quarterly results, 69% increase in advertising revenue, in the meantime Microsoft Exceed profit Despite the drop in revenue from the Windows division.

The busiest week of earnings continues on Wednesday Pfizer, McDonald’s, Qualcomm, Facebook, Ford When PayPal In the name of the deck. According to Refinitiv data, 89% of the S & P 500 companies that have reported quarterly results so far are above forecasts and 86% are above forecasts.

Despite Tuesday’s downturn, the major average is still on track to end the month high. July S & P rose 2.4%, while the Nasdaq Composite and Dow rose 1.1% and 1.6%, respectively.

“Delta variants can create new short-term volatility, but I don’t think they pose a major threat to the bull market,” UBS wrote in a note to its clients. “Overall, we remain optimistic about the economic outlook.”

The Federal Reserve Board of Governors launched a two-day meeting on monetary policy on Tuesday. On Wednesday, the Federal Open Market Committee will issue a statement during a press conference following a statement by Chairman Jerome Powell.

“We don’t expect fireworks at this Fed meeting,” said Lawrence Gillam, LPL Financial Fixed Income Strategist. “But we look forward to further progress in discussing when and how to begin removing the urgent levels of monetary easing that the Commission is offering to the market.”

Inflation could be more than just temporary, following comments from the International Monetary Fund on Tuesday.

Daniel Di Martino, CEO and Chief Strategy Officer of Quill Intelligence, said:

“Jay Powell hopes to recognize sustained supply chain disruption as a major cause of inflation, but highlights examples of certain sectors where cost mitigation has been seen, such as lumber and iron ore. I’m also looking forward to doing it, “she said.

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Equity futures are mixed after a major average of five consecutive wins

Source link Equity futures are mixed after a major average of five consecutive wins

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