This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Dow and S&P head south
On Monday, the Dow Jones Industrial Average and S&P 500 sank in volatile trade because a boost from news in Italy and China receded and losses in energy as well as financial stocks put pressure, although profits in technology equities helped to restrict losses. What’s more, they had the Nasdaq lifted.
The Dow fluctuated between profits and dips of more than 100 points, pointing to the choppiness in American shares because they struggle to revive from a recent selloff, with the earnings season gathering steam.
The market started up, underpinned by a leap in China equities along with upbeat sentiment across the European Union on Moody's decision to keep the Italian sovereign rating outlook firm.
As a matter of fact, Microsoft managed to add 1.2%, while Intel headed north by up to 1.8% at the beginning of a big week for technology gains.
Furthermore, Amazon ascended by 1.3%, Alphabet surged by 0.7%. At the same time, Apple and Facebook posted a 1% rally.
While gains of S&P 500 companies are anticipated to have surged approximately 22% in the third quarter, the overall outlook for future surge is clouded because of worries over trade, soaring costs as well as other factors.
Furthermore, energy equities dived by 1.38%, suppressed by lower oil prices as well as Halliburton's warning that fourth-quarter gains would miss forecasts against the backdrop of everlasting weakness in the North American hydraulic fracturing market.
Both Halliburton as well as its counterpart slumped by 3.2%.
The Dow Jones Industrial Average dived by 0.45% being worth 25,329.07. As for the S&P 500, it declined by 0.31% hitting 2,759.26. The Nasdaq Composite surged by 0.42% reaching 7,480.51.
Additionally, finiancial equities lost 1.37% because the US Treasury yield curve dived to its lowest value for more than two weeks ahead of fresh debt auctions.
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What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!