Home Market Spotlight Stock market news: Stocks mixed, Musk denies extramarital affair, gas, oil lower

Stock market news: Stocks mixed, Musk denies extramarital affair, gas, oil lower

by WOOWinvest
0 comment
Stock market news: Stocks mixed, Musk denies extramarital affair, gas, oil lower


SymbolPriceChange%ChangeI:DJI $31,899.29-137.61-0.43%SP500$3,961.63-37.32-0.93%I:COMP$11,834.11-225.50-1.87%

U.S. equities rallied as investors braced for the busiest week of second-quarter earnings reports on Tuesday, led by Alphabet and Microsoft on Tuesday, Meta Platforms on Wednesday, and big consumer/tech giants such as Apple and Amazon. Start shaking Thursday.

Other companies to watch include General Motors, General Electric, Ford, Comcast, Northrop Grumman, Charter Communications and Exxon Mobil, as 12 members of the Dow and 170 of the S&P 500 One company — or just over a third of the benchmark index — will release earnings for the April-June period.

U.S. stocks tumbled on Friday, snapping a three-day winning streak, as some surprisingly weak quarterly updates from companies spooked investors.

The S&P 500 fell 37.32 points, or 0.9%, to 3,961.63 after the broad benchmark gained 1%. The Dow Jones Industrial Average lost 137.61 points, or 0.4%, to 31,899.29 and the Nasdaq Composite lost 225.50 points, or 1.9%, to 11,834.11.

All three indexes posted weekly gains despite Friday’s losses. The S&P 500 gained 2.5% for the week, its best week in a month. Still, few investors want to bottom out in a sell-off that has dragged the S&P 500 down 17% this year.

Continued high inflation, the possibility of a recession and the war in Ukraine remain investors’ focus. Next week’s Federal Reserve meeting and upcoming GDP data could bring more volatility to the market.

Asian shares tumbled on Monday after disappointing economic data and corporate earnings spurred a pullback on Wall Street.

Investors are awaiting the next move from the Federal Reserve, which is expected to raise its key interest rate again on Wednesday in an effort to tame inflation. The Federal Reserve is likely to announce its second straight hike of 0.75% in short-term interest rates, the most significant hike not seen since 1994. That would put the Fed’s benchmark rate in a range of 2.25% to 2.5%, the highest level since 2018.

In Asia on Monday, Tokyo’s Nikkei 225 lost 0.9% to 27,676.97 and the Seoul Composite dropped 0.6% to 2,406.98. Hong Kong’s Hang Seng lost 1.2 percent to 20,365.99, while the Shanghai Composite dropped 0.8 percent to 3,245.19. In Australia, the S&P/ASX 200 edged down 0.2% to 6,781.60.

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy