FOX Business’s Stuart Varney says US companies like Amazon, Apple, Microsoft, Google and Tesla are helping lead recent rallies in the market.
US stock markets fell on Tuesday as investors evaluated the first round of bank gains, as well as the impact of California’s pullback on its reopening of COVID-19 locks.
The S&P 500 and Nasdaq Composite fell 0.47 percent and 0.7 percent, respectively, while the Dow Jones Industrial Average ranged from profit to loss. The major averages were hit by a sharp selloff Monday afternoon after California’s decision to close bars and restaurants indoors, amid a spike in new COVID-19 infections.
As for stocks, JPMorgan Chase & Co.’s second-quarter earnings halved from a year earlier, but the lender reported better-than-expected earnings amid double-digit growth in stock and bond trading. as COVID-19 market volatility accelerated.
Citigroup Inc. also beat estimates, as good business results more than offset weakness in the consumer banking business.
Wells Fargo & Co. lost $ 2.4 billion and said it would cut its quarterly dividend to 10 cents a share, compared to 51 cents.
Elsewhere on the earnings front, Delta Air Lines Inc. recorded $ 3.2 billion in charges related to the COVID-19 pandemic, as traffic slid 85 percent.
Meanwhile, aerospace giant Boeing Co. has been awarded a $ 22.8 billion contract to build advanced F-15EX fighter jets.
Defense contractor Lockheed Martin Corp. faces Chinese sanctions after the United States approved the sale of $ 620 million in missile parts to Taiwan.
Tesla shares received a price target of $ 2,322, a Wall Street high, at Piper Sandler, which cited recent stock gains and an improvement in the margin outlook due to its software.
On the economic data front, the consumer price index rose 0.6 percent month-over-month in June, slightly ahead of the expected 0.5 percent gain. Meanwhile, core prices, which exclude food and energy, rose 0.2 percent from the previous month, above the 0.1 percent rise analysts had anticipated.
As for raw materials, West Texas Intermediate crude oil fell 28 cents to $ 39.82 per barrel, while gold fell $ 15.20 to $ 1798.90 an ounce.
US Treasury bonds registered a hike, reducing the yield on the 10-year bond by 1 basis point to 0.63 percent.
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European markets were under pressure, with France’s CAC falling 1.65 percent, Germany’s DAX 1.43 percent and Britain’s FTSE falling 0.24 percent.
Markets were lower overall in Asia as Hong Kong’s Hang Seng lost 1.14 percent, Japan’s Nikkei fell 0.87 percent and China’s Shanghai Composite fell 0.83 percent.
