Hey everyone, here's your daily market scoop! US stocks dipped on Tuesday as investors balanced corporate earnings with key economic data, all with the Fed decision looming. The Dow slid by 204.57 points (0.46%), the S&P 500 dropped 18.91 points (0.30%), and the Nasdaq tumbled by 80.29 points (0.38%).
Seven out of 11 major S&P 500 sectors ended in the red, with industrials and consumer discretionary stocks leading the drop, while real estate and utilities posted gains of 1.70% and 1.17% respectively. 😊
On the economic front, the US Bureau of Labor Statistics reported that job openings stayed steady at 7.4 million in June, with hiring figures hardly changing. Earnings were a major market mover today—Boeing pleasantly surprised with strong quarterly results, but Spotify, Merck, and UnitedHealth disappointed. UPS shares fell by 10.57% after missing estimates and skipping forward guidance, whereas Corning soared by 11.86% thanks to robust performance.
In tech, most mega-cap stocks took a hit: Tesla and Apple each dropped over 1%, with Nvidia and Amazon also trading lower. However, Alphabet and Broadcom bucked the trend, each rising more than 1%. With earnings reports from Microsoft and Meta coming after Wednesday's close and Apple and Amazon on Thursday, investors surely have a busy week ahead.
The Federal Reserve has just kicked off its two-day policy meeting, with markets widely expecting interest rates to remain steady in the 4.25%-4.5% range. Stay tuned for more updates as these market trends unfold. 📊👍
Reference(s):
cgtn.com
