2024-07-24 00:59:10
In general, the investment climate remained subdued in today’s session at Wall Streetwith investors turning their attention to second-quarter earnings announcements from tech majors.
THE S&P 500 fell 0.16% to close at 5,555.74 points after Monday saw its best session in more than a month, while Nasdaq closed with a marginal fall of 0.06% at 17,997.35 points. THE Dow Jones lost 0.14% of its value or 57.35 points to 40,358.09 points.
Wall Street continues to watch second-quarter results with Google parent Alphabet and Tesla to report after the close today.
These results are expected to guide investment activity in the coming weeks, as investors point out.
“Given that the bar on earnings expectations is high for the Magnificent Seven, these companies will have quite a bit to prove when they report corporate results. At the same time, investors will focus on their prospects relative to their high valuations,” says Ameriprise’s Anthony Sagliben.
UPS reported second-quarter results that fell short of expectations, sending its stock down 12% in its worst session ever. General Motors beat analysts’ expectations, but its stock fell 6.4% after the automaker said it would delay plans for electric and autonomous vehicles.
Despite the above disappointments, the start of corporate results announcements was particularly strong. About 20 percent of S&P 500 companies have reported second-quarter results, with 80 percent beating analysts’ expectations, according to FactSet data.