US stocks close down as investors brace for Big Tech earnings

US stocks close down as investors brace for Big Tech earnings

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4:05pm: US benchmarks fall from record highs US stocks closed down as investors braced for earnings reports from technology heavyweights. On the day, the three major benchmarks fell from their respective records reached in Monday’s session. The Dow declined 86 points, or 0.24%, to 35,058 and the S&P 500 dropped 0.47% to 4,401, snapping a 5-day winning streak.  But the tech-heavy Nasdaq suffered its worst-selling in more than two months, falling 1.21% to 14,660.  12:15pm: US stocks pulled back sharply midday from record levels ahead of some Big Tech earnings after the close US stocks sank into the noon hour on investor concerns over the spread of the Delta variant as well as a regulatory crackdown in China. The Dow Jones Industrial Average sank 202 points, or 0.6%, to 34,943, while the S&P 500 fell 42 points, or about 1%, to 4,380. The tech-heavy Nasdaq, meanwhile, dropped 304 points, or 2%, to 14,547.  "For now, the markets are sort of in cruise control. They're waiting for a catalyst to decide whether we should accelerate here, or whether we should take a sort of a pause here," JPMorgan Asset Management global market strategist Jordan Jackson said. "I think the markets are looking for China, potentially the Fed, to figure out what that catalyst might be. Right now we're hearing more noise than any sort of signals in terms of the trajectory of the markets," Jackson added. Technology heavyweights Alphabet, Microsoft and Apple fell 2.2%, 1.5%, and 2.1%, respectively, ahead of their earnings reports due out after today's close. 10.50am: Proactive North America headlines: Arizona Silver Exploration adds more claims around Perry vein after recent high-grade gold and silver intercepts Marvel completes heliborne survey on Duhamel nickel-copper-cobalt property in Quebec City Logiq raises C$6.5 million as part of its initial public offering after overallotment option exercised FSD Pharma (CSE:HUGE, NASDAQ:HUGE) appoints Anthony Durkacz as its new interim chief executive officer Camino Minerals says Los Chapitos copper project's local community in Peru receiving COVID-19 vaccinations NEXE Innovations unveils premium compostable espresso pods Adcore appoints business leader Oded Orgil as an independent company director PowerTap acquires 49% of green hydrogen technology company AES-100 Western Magnesium moves closer to testing phase as commercialized pilot plant undergoes final build out DGTL Holdings Inc says subsidiary Hashoff strikes social media content services contract with fast-growing cryptocurrency trading platform Exro Technologies (TSX-V:EXRO, OTCQB:EXROF) Inc chooses Mesa, Arizona as its US headquarters to advance next-generation electric vehicles and batteries FOBI AI inks letter of intent to acquire US online coupon and advertising platform Qples Else Nutrition launches plant-based cereals line for babies six months and older BetterLife Pharma Inc (CSE:BETR, OTCQB:BETRF) unit gets the nod to conduct coronavirus randomized placebo-controlled trial with Pontificia Universidad Católica de Chile First Mining Gold Corp extends drilling program at its Pickle Crow gold project Endexx Corp and DJ Khaled’s BLESSWELL signals strong promise in CBD wellness sector within months of debut C3 Metals reports more encouraging drill results from Montaña de Cobre zone, Jasperoide project in Peru Empower Clinics partners with Save-On-Foods to offer Kai Care COVID-19 test kits in British Columbia Soma Gold updates on progress of Fenix portal at Cordero mine; full daily production expected by end of 2021 9.37am: Wall Street opens lower The main indices on Wall Street opened in the red on Tuesday as turmoil in Chinese markets, earnings anticipation and tepid economic data dampened investor sentiment. Shortly after the opening bell, the Dow Jones Industrial Average was down 0.63% at 34,923 while the S&P 500 dropped 0.48% to 4,401 and the Nasdaq fell 0.35% to 14,788. Many traders will be awaiting results from numerous tech giants due after the closing bell today before deciding which way to go, while worse than expected US durable goods orders, which rose 0.8% to US$258bn compared to forecasts of a 2.1% increase, is unlikely to have helped matters. Some may also be sitting on their hands until the conclusion of the Federal Reserve meeting tomorrow where the central bank is due to make its latest decision on interest rates. 7:55am: Wall Street set for lower start Wall Street is set for a slow start but the Chinese regulatory clampdown on tech does not seem to be having much effect. The Dow Jones Industrial Average is expected to open down 91 points or 0.27% while the S&P 500 is set for a 0.2% decline. But the tech heavy Nasdaq Composite is indicated just 0.05% lower. US markets are probably more concerned with the rise in Delta variant cases, as well as the latest Federal Reserve meeting which begins today and reveals its latest deliberations tomorrow. There are also a number of heavyweight company results due later, not least Apple, Google-owner Alphabet and Microsoft, all due after the market closes. Before that come the latest US consumer confidence figures, which are expected to slip back after a strong outcome in June. Michael Hewson, chief market analyst at CMC Markets UK, said: "As the Fed meeting gets underway in Washington DC, we have the latest US consumer confidence numbers for July, which are expected to soften a bit after they hit a post pandemic peak in June of 127.3, as the US economy continued on its path to recovery. "Consumer confidence still remains quite fickle if recent retail sales numbers have been any guide, and the latest personal spending data would also suggest that a lot of US consumers are in no rush to spend their stimulus payments over concern about rising cases of the Delta variant. "June retail sales saw a decent rebound in retail activity, however as has been the case for most of this year US consumer spending has been very much an on-off affair, which suggests the scope for a slight slowdown in this week’s consumer confidence numbers is highly likely with expectations of a fall back to 123.9." Four things to watch for on Tuesday: Aside from the major tech earnings, investors will also be eyeing results from the likes of Visa (NYSE:V) Inc, United Parcel Service (NYSE:UPS) Inc and Starbucks Corp (NASDAQ:SBUX) Shares in General Electric (NYSE:GE) Co may be in focus after the company delivered profits ahead of expectations as well as surprise swing to positive free cash flow Tesla will also be eyed after the firm reported profits that beat expectations in its second quarter but also delayed the launch of its Semi truck programme to next year On the macro front, US durable goods orders will be in focus as well as house price data and the Richmond Fed manufacturing index

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