Major Indices ended up mixed; tech heavily impacted by resurging growth concerns

WAN CHAI, Hong Kong - July 26, 2021 - PRLog -- Corporate earnings, which was expected to be stronger, came in mixed while policymakers associated with the monetary policies provide assurance that current inflation is only short term. China's GDP report was also highlighted as it failed to hit the mark, showing slowdown on the country's growth.

China was the first country to experience COVID-19, and was also the first to make a recovery out of it. The country's economy started to improve last year, however, the new data produces doubt on the recovery that they are undergoing. Their first quarter growth recorded an astonishing 18.3%, but the second quarter dropped down to 7.9%, missing even the lowest prediction of 8%, marking China's economic growth slowing down to a stop.

Even Fed Chief Jerome Powell's statement last Wednesday, which was done before the Congress, is now being focused on especially some parts of the speech lacking the confidence with regards to the US economic rebound. The financial sector and cyclical energy should be benefitting the most with the increase in economic activity, but was still negatively affected. The inflation data was coming harder than expected, be it short term or not. The consumer price index listed a record level increase last Tuesday which was the fastest yearly increase since 2008.

Thursday's performance can be summarized as follows:

• NASDAQ Composite Index stepped down to 14,543.13 after losing 0.70% or 101.82 points.
• The Dow Jones Industrial Average closed at 34,987.02 and went up by 0.15% or 53.79 points.
• S&P 500 Index moved lower by 0.33% or 14.27 points and wrapped at 4,360.03.
• U.S. 10 Year Treasury yield moved down to 1.2970%.
• Gold stepped up by 0.22% or $4.10 and now at $1,829.10 an ounce.
• Crude jumped higher by 2.13% or $1.56 at $71.57 per barrel.

Cryptocurrencies are as volatile as ever, but no longer continuously dropping. Here's the five major cryptocurrencies (at the moment) and their current values:

• Bitcoin (BTC) - $31,737.04
• Etherium (ETH) - $1,922.81
• Ripple (XPR) - $0.6012
• Bitcoin Cash (BCH) - $458.04
• LiteCoin (LTC) - $126.06

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