US Stock market session wrapped lower; inflation concerns back on spotlight

Market course took a turn for the worse today, as all 3 major imdices ended dropping from respective record highs.
CENTRAL, Hong Kong - July 26, 2021 - PRLog -- Traders observed the earliest batch of earnings report, along with the new print on consumer price inflation, which is mainly the reason why the market direction took a sudden turn.

The inflation reflected on the new print was recorded to be its highest movement in a single month in the last 13 years. The Labor Department's additional information released included statistics of comparison, such as May's 0.6% rise vs June's 0.9%. On a year-to-year basis, the consumer price index had already risen by 5.4%, its biggest movement since 2008.

Another news that affected the market trajectory was the first batch of earnings report. JPMorgan Chase posted lower stock value, trading revenue and fixed income sales vs analysts' expectations. On the other hand, PepsiCo showed overwhelming movements as it exceeded expectations and even adjusted outlook to higher values for this year.

The S&P 500 is expected to dominate and grow by 64% on Q2, which would mark its highest movement in the last 12 years, and the anticipated biggest contributors would be from the financial sectors, or the banks.

Their performance was outstanding and the current state of affairs is a very ideal spot for the banks to grow and it gets even better now that inflation is getting back on focus.

Investors and traders are paying closer attention to the upcoming Q2 earnings report of the other companies and their new guidance.

Tuesday's market session wrapped like this, as of 4:00 p.m.:
  • The Dow Jones Industrial Average down to 34,889.25 after losing 106.93 points or 0.31%.
  • The S&P 500 Index moved lower by 15.35 points or 0.35% and closed at 4,369.28.
  • NASDAQ Composite Index deflated at 14,667.65 after bleeding by 0.38% or 55.59 points.
  • U.S. 10 Year Treasury yield is up by 5.2 basis points and at 1.4150%.
  • Crude is at $75.31 per barrel after gaining 1.63% or $1.21.
  • Gold is currently at $1,807.70 an ounce after gaining 0.10% or $1.80.
All benchmark equities retreated from record levels, with S&P managing to touch a new intraday record high before the market started tumbling down.

For an updated news related to finances and US Stock Market  you may visit us at Advisory Access Limited through our website or kindly contact us via email.

Advisory Access Limited
Posted By:*** Email Verified
Tags:Advisory Access Limited
Location:Central - Hong Kong Island - Hong Kong
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse

Like PRLog?
Click to Share