US stocks closed lower on Tuesday as investors digested a mix of corporate earnings reports and fresh economic data ahead of the Federal Reserve's two-day policy meeting. The Dow Jones Industrial Average dropped 204.57 points (0.46%) to settle at 44,632.99, while the S&P 500 and Nasdaq Composite also fell by 0.30% and 0.38% respectively.
Across the board, seven of the 11 major S&P 500 sectors ended the day in negative territory. Industrials and consumer discretionary stocks led the decline, but not all was gloomy – real estate and utilities brightened the scene with gains of 1.70% and 1.17% respectively! 📈
On the economic front, the US Bureau of Labor Statistics reported that job openings held steady at 7.4 million in June, indicating a stable yet cautious hiring pace. Earnings played a major role: Boeing beat expectations, while lackluster results from Spotify, Merck, and UnitedHealth dampened market sentiment.
Shares of UPS plunged 10.57% after missing earnings estimates and skipping forward guidance, whereas Corning surged 11.86% on strong quarterly results. In the tech sector, Tesla and Apple each fell by more than 1%, with Nvidia and Amazon also declining. However, Alphabet and Broadcom bucked the trend, rising by over 1% each.
Investors now eagerly await upcoming reports from Microsoft and Meta after Wednesday's closing bell, with Apple and Amazon set to report on Thursday. As the Federal Reserve's meeting progresses, markets largely expect interest rates to remain steady between 4.25% and 4.5%. Stay tuned as the financial rollercoaster continues! 🚀
Reference(s):
cgtn.com
