Equities investors expected the Federal Reserve to end a political meeting, watched talks on a coronavirus package in Congress, and the stock continued to trade weakly at medium heights.
Market participants also relied on potential fireworks on Capitol Hill, as top executives from the world’s most powerful technology companies testify to what is likely to be in dispute.
see: Big Tech’s latest showdown is approaching as it continues to win record awards
What do the main criteria do?
Dow Jones Industrial Average US: DJIA
increased 13 points to 26,392. Blue-chip benchmark lagged behind other stock indices after S&P 500 US: SPX
increased by 1
increased by 75 points or by 0.7% to 10,477.
Need to know:Buy American (shares), says the largest asset manager in Europe
The Dow fell 205.49 points on Tuesday, up 0.8% to 26,379.28, while the S&P 500 lost 20.91 or 0.7% to close at 3,218.44. The Nasdaq closed at 10,402.09, down 134.18 points or 1.3%. The total compound volume on Tuesday was 9,334,655,074 shares, the lowest since February 20, according to Dow Jones Market Data.
What drives the market?
Investors continue to pay close attention to talks between congressional Republicans, Democrats and the White House on another coronavirus rescue package before the end of the month, when supplementary unemployment benefits expire, partly due to a mitigation of the economic pandemic. .
Finance Minister Steven Mnuchin said the Trump administration and the Democrats were far apart from the proposed fiscal stimulus proposal.
Majority Chief Senator Mitch McConnell, R-Kentucky, said in a televised interview Tuesday that the Senate would not take further action to mitigate coronaviruses if it did not include responsibility for trade. This highlights one area of conflict with Democrats pushing for OSHA’s business standards.
The Federal Reserve will close a two-day political meeting later Wednesday with a statement to be held at 2:00 p.m., followed by a press conference by President Jerome Powell at 2:30 p.m. Economists and investors do not expect any major policy improvements, but are looking to maintain a dovish tone, which signals that the central bank is committed to a free monetary policy and is ready to do more to avert a further decline if necessary.
“The Fed will again stress a lot that rates will remain very low for years to come,” said David Madden, market analyst at CMC UK. “The central bank has already been extremely aggressive in terms of stimulus packages, and there is an opinion that they will do what is necessary to mitigate the injuries caused by the health crisis.”
To read: The Fed will not be happy with the performance of the economy, but it is not upset enough to take aggressive action
Leading technical leaders are expected to face difficult questions about business practices and allegations that used their market power to distort competition at a hearing before the Antitrust Subcommittee on Justice. Jeff Bezos z Amazon.com Inc.
Sundar Pichai from Google Parent Alphabet Inc.
Tim Cook z Apple Inc.
and Mark Zuckerberg of Facebook Inc.
appears in front of the panel.
Also read:Congress has millions of documents from Big Tech’s antitrust investigation and is ready to grill CEOs
Log out:Here’s what CEOs for Apple, Amazon, Facebook and Alphabet will say at the Mediterranean antitrust hearing
The busiest profit reporting season of the week continues and the results open before the initial bell of several closely watched companies, including General Electric Co.
and aircraft manufacturer Boeing Co.
which is still reeling due to the landing of its 737 MAX aircraft and uncertainty about the future of the flight after the pandemic.
According to US economic data, the trade deficit in goods fell to $ 70.6 billion in June, down 6.1% from a month earlier in the previous month.
Which companies are they targeting?
- General Electric equities fell 2.1%, although the diversified industrial conglomerate posted a larger loss in the second quarter than expected but exceeded expectations regarding yields and free cash flow.
- Company shares Boeing fell 0.9% after the aerospace and defense giant reported a much larger loss than expected, with a large loss of revenue from commercial aircraft.
- General Motors Co.
shares fell 0.5% after the carmaker recorded a lower-than-expected loss in the second quarter and sales that reached the highest estimates.
- Company shares Starbucks Corp.
rose 4.4% after a tighter-than-expected loss in the coffee chain late Tuesday and better-than-expected sales in its fiscal third quarter. Starbucks estimates that by selling the pandemic, it has reduced sales by more than $ 3 billion and said it would widen the curbs.
- Advanced Micro Devices Inc.
Shares rose nearly 13% after chipmakers made second-quarter earnings in the second quarter, exceeding expectations and raising its full-year forecast.
- Company shares eBay Inc.
were below 3% after the e – commerce company delivered results this afternoon, which were largely in line with Wall Street expectations.
How are they traded in other markets?
In Asia, the China index is CSI 300 XX: 000300
jumped 2.4%, Shanghai Composite CN: SHCOMP
increased by 2.1%, Hong Kong Hang Seng Index HK: HSI
gained 0.5% and the Japanese Nikkei 225 JP: NIK
decreased by 1.2%.
Shares rose higher in Europe with the XX Stoxx 600 Europe XX: SXXP index
increased by less than 0.1% and the UK FTSE 100 UK: UKX
increased by 0.1%.
US Gold Futures: GCQ20
increased by 0.5%, while the ICE US Dollar Index USA: DXY
was gone 0.2%. US: CLU20
Meanwhile, oil futures were higher, with the US benchmark: CLU20
up to 0.9% on the New York Stock Exchange.
Yield of 10-year BX bill of exchange: TMUBMUSD10Y
0.4 basis points lower to 0.577%. Revenues are moving in the opposite direction to prices.