Major US Indexes Fell Across the Board on Tuesday
The four major US indexes fell across the board on Tuesday (July 28), led by large technology stocks.
The Dow Jones Industrial Average fell 0.77% (205.49 points) on July 28 to close at 26,379.28 points. The Nasdaq Index fell 1.27% (134.18 points) to close at 10,402.09 points. The Standard & Poor’s 500 Index fell 0.65% (20.97 points) to close at 3,218.44 points. The Philadelphia Semiconductor Index fell 2.1% (44.22 points) to close at 2,060.40 points.
The number of confirmed cases of the new crown pneumonia (COVID-19, also known as Wuhan pneumonia) in the United States remains high, impacting public confidence. The Conference Board announced on the 28th that the consumer confidence index in July fell from 98.3 in June to 92.6 (not as good as the 94.5 originally estimated by economists). The expectation index for short-term views of the employment market fell to 91.5 from 106.1 in June.
The poor performance of corporate earnings has also suppressed the stock market. McDonald’s (McDonald’s) reported last quarter’s net profit worse than analysts’ original expectations, and overall revenue plummeted by 30%, while global same-store (stored more than one year) sales fell 2.5% from the same period last year, which was unexpected by the market. Dow Jones component stocks McDonald’s fell 2.45% to close at $196.24.
Industrial conglomerate 3M Co. reported second-quarter earnings per share and revenue that were not as good as Wall Street’s original expectations. The stock price fell 4.85% to close at $155.33, the largest decline among the 30 Dow Jones stocks.
The tech giants that are about to announce their earnings this week have pulled back. Apple Inc., Amazon.com Inc., Facebook Inc. and Google parent company Alphabet Inc. fell 1.64%, 1.80%, 1.45%, and 1.95%, respectively.
CNBC reported that The Earnings Scout data showed that as of the morning of the 28th, more than 160 S&P 500 companies have announced their second-quarter earnings, 81% of which beat analysts’ original expectations.
While people are waiting for the announcement of the heavyweight financial report, the Federal Reserve (Fed) also launched a two-day monetary policy meeting on the 28th.
Speaker of the House of Representatives Nancy Pelosi said on the evening of the 27th that the Republican Party was not ready to negotiate seriously. The Republicans did not even mention the priority issues such as food, rent, and how to help people survive.
Statistics from Johns Hopkins University show that so far, more than 4.2 million people have been diagnosed in the United States, and at least 147,303 of them have unfortunately died.
In terms of individual stock changes, Eastman Kodak Co. bucked the trend and soared 203.05% to close at $7.94. The Wall Street Journal reported that Eastman Kodak has obtained a US$765 million loan from the Trump administration to set up a business to make pharmaceutical raw materials.
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The Four Major US Indexes Fell on Tuesday - /10
The Four Major US Indexes Fell Across the Board on Tuesday