Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
US Stocks Edge Lower Wednesday         07/28 09:16

   Stocks edged lower in morning trading on Wall Street Wednesday as investors 
reviewed the latest batch of quarterly earnings reports and wait for a policy 
update from the Federal Reserve.

   (AP) -- Stocks edged lower in morning trading on Wall Street Wednesday as 
investors reviewed the latest batch of quarterly earnings reports and wait for 
a policy update from the Federal Reserve.

   Wall Street will be looking closely at the central bank's statement to get a 
better sense of when it might start easing up on its support for the economy.

   The S&P 500 fell 0.1% as of 9:58 a.m. Eastern time. The Dow Jones Industrial 
Average fell 46 points, or 0.1%, to 35,011 and the Nasdaq rose 0.4%.

   The yield on the 10-year Treasury rose to 1.25% from 1.23% late Tuesday.

   A slide from a few big technology stocks and a mix of consumer-oriented 
companies weighed on the market and offset gains from communications companies 
and banks. Google's parent company Alphabet was a standout, jumping 2.9% after 
reporting profit surge last quarter.

   Analysts expect the Fed to taper bond purchases that have helped keep 
interest rates low through the pandemic. The big question for investors is the 
timing and pace of such a pullback. The market is also weighing concerns about 
the pace of the economic recovery, which could be stymied by the renewed spread 
of COVID-19.

   There are also lingering concerns about whether inflation will continue to 
rise, depending on the economic recovery and supply chain problems that have 
made some goods more expensive.

   Pfizer rose 1.7% after its profit and revenue surged on strong sales of its 
COVID-19 vaccine and other medicines. It also raised its sales and profit 
forecasts for the year. Boeing jumped 5.7% after the airplane maker reported a 
surprise quarterly profit, its first since 2019.

   Solid earnings weren't enough to lift stocks for other companies. McDonald's 
fell 1.4%, despite reporting a surge in revenue and beating analysts' forecasts 
as dining rooms reopened.

   Markets made gains in Europe and were mostly lower in Asia.

 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN