Dow Jones hits 35,000 Next Week to Find Catalysts from Fed Conference + Apple And Other Technology Stocks Earnings Reports
The Dow Jones Index rebounded after a plunge of more than 700 points on Monday, and reached a record high of 35,000 points on Friday..The Federal Reserve (Fed) will announce currency decisions, and the financial reports of heavyweight technology companies such as Apple, Microsoft, and Tesla will be announced.
Analysts describe that the financial reports of many companies will debut next week, and the grand occasion is like the Summer World Series. Including Apple (AAPL-US), Tesla (TSLA-US), Microsoft (MSFT-US), Alphabet (GOOGL-US), as well as Boeing (BA-US) and pioneering heavy industry (CAT-US) in the industrial field, And consumer goods giants P&G (PG-US), McDonald’s (MCD-US).
The Fed will announce a monetary policy decision early on Thursday. I
Deutsche Bank analyzed that the Fed does not expect to signal a reduction in debt purchases next week.
The United States will announce the second quarter gross domestic product (GDP), which is expected to be the strongest economic growth quarter after the epidemic. Next Friday will also announce the inflation index that the Fed values, the personal consumption expenditure (PCE) price index.
Refinitiv estimates that US companies’ profits in the second quarter are expected to grow by 78.1%.
The three major US stock indexes closed at a new high on Friday, and the Dow Jones Industrial Average closed above the 35,000 mark for the first time. Over the past week, the Dow Jones has gained 1%, the S&P 500 and Nasdaq each rose 1.9% and 2.8%, and the Russell 2000 index, which is dominated by small stocks, also rose 2.1%.
Large technology stocks have recently become the dominant force in the stock market. Apple, Microsoft, Amazon, and Alphabet have gained 5% to 7% since July, surpassing the S&P 500’s 1.6%.
Some analysts worry that technology companies may not be able to meet the high expectations of investors. Greenwood Capital Chief Investment Officer Walter Todd said: “This is a forward-looking question. Can they meet the expectations of stock prices?”