Your Daily Rundown
The Dow Jones Industrial Average finished down 85 points, or 0.24%, to 35,058, the S&P 500 fell 0.47% and the tech-heavy Nasdaq declined 1.21%.
Shares of Apple Inc, Microsoft Corp and Google parent Alphabet Inc, all set to report earnings after the bell, were down and weighed the most on the Nasdaq and S&P 500 along with Amazon.com Inc, which is expected to report results later this week.
Tesla shares fell nearly 2% Tuesday after the electric vehicle company reported second-quarter earnings that topped analysts’ estimates and net income surpassed $1 billion.
General Electric posted better-than-expected second-quarter earnings and boosted its forecast for industrial free cash flow as “early signs” of a recovery in its aviation business support the ongoing turnaround plans of CEO Larry Culp.
Intel Corp shares sank after it said its factories would start building Qualcomm chips and laid out a road map to expand its new foundry business.
The yield on the benchmark 10-year Treasury slipped Tuesday to 1.238% as investors awaited the Fed’s policy update. The central bank’s two-day meeting begins Tuesday and ends Wednesday with a statement followed by a press conference from Fed Chairman Jerome Powell.
Yesterday’s Market Scorecard
NASDAQ (COMP) 14,660.58
S&P 500 (SPX) 4,401.46
-1.21%
-0.47%
Dow Jones (DJIA) 35,058.52
Russell 2000 (RUT) 2,191.83
-0.24%
-1.13%
The News Desk
C.D.C. to Recommend Some Vaccinated People Wear Masks Indoors Again
Reports of breakthrough infections with the delta variant of the coronavirus-borne illness COVID-19 in Americans who are fully vaccinated has prompted the Centers for Disease Control and Prevention to change its policy on face masks in public settings for some parts of the U.S.
The agency made the recommendation at a press briefing on Tuesday in what is a reversal of the guidelines issued in May that said fully inoculated individuals could stop wearing masks and no longer needed to socially distance.
Context: The variant, which was first detected in India, is now present in at least 124 countries, based on the World Health Organization’s latest weekly epidemiological update.
Here we go…
Cops In Jan. 6 Hearing Describe Beatings
Mobs of Trump supporters attacked police officers, threatening their lives and hurling racial slurs as they stormed the Capitol, law enforcement witnesses told House lawmakers Tuesday in the Jan. 6 select committee’s first hearing on the insurrection.
D.C. Police Officer Michael Fanone: “I was grabbed, beaten, Tased, all while being called a traitor to my country.”
Context: Investigators must figure out “what happened every minute of that day in the White House — every phone call, every conversation, every meeting leading up to, during and after the attack,” Cheney said.
It’s time for accountability
Mastercard Works With Startups to Ease Use of Cryptocurrencies
Mastercard Inc. is looking to make it easier for consumers to buy, spend and hold cryptocurrencies.
Startups focused on crypto and digital assets will now be able to join Mastercard’s Start Path program, which gives fledgling companies access to the network’s executives and technology to help them grow, Mastercard said Tuesday in a statement.
Seven crypto-focused startups have joined the program so far, including Uphold and Domain Money, which are building investment platforms for digital assets.
I wonder if Bitcoin will team up with Mastercard
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Wednesday, July 28th: International Trade in Goods (Advance) (8:30 AM ET)
Wednesday, July 28th: EIA Petroleum Status Report (10:30 AM ET)
Wednesday, July 28th: Fed Interest Rate Decision (2:00 PM ET)
Wednesday, July 28th: Fed’s Monetary Policy Statement (2:00 PM ET)
Wednesday, July 28th: FOMC Press Conference (2:30 PM ET)
Thursday, July 29th: Gross Domestic Product Annualized(Q2) (8:30 AM ET)
Thursday, July 29th: Jobless Claims (8:30 AM ET)
Friday, July 30th: Personal Income and Outlays (8:30 AM ET)
Earnings Calendar
Trading Quote of The Day
“Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.” – Yvan Byeajee
