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Nasdaq down sharply as stock indexes pull back from records ahead of tech earnings

Nasdaq down sharply ahead of earnings reports by Apple, Google, Microsoft, more

7/27/2021 9:26:00 PM

Nasdaq down sharply ahead of earnings reports by Apple, Google, Microsoft, more

U.S. stocks fall, pulling major indexes back from record levels, ahead of quarterly results from some of the most prominent names in the technology sector,...

The developments in Asia come as investors are also waiting for economic reports this week, including second quarter GDP, and a policy update from the Federal Reserve on Wednesday.How are stock benchmarks trading? On Monday, major benchmarks closed at record highs for a second straight session. The Dow and the S&P 500 each rose 0.2%, and the Nasdaq Composite inched higher to also set a fresh record. All three indexes rose for a fifth straight day.

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What’s driving the market? Stocks slumped as investors worried about a selloff in Hong Kong’s Hang Seng Index, which has put pressure on risk assets around the globe. The Hang Seng HK:HSI ended 4.2% lower in Asian trade, marking its second consecutive drop of more than 4%, amid China’s regulatory crackdown on technology stocks.

Meituan 3690, -17.66% shares dived after China published rules requiring online food platforms to pay minimum wage, but the selling was broad-based, with technology giants Tencent 700, -8.98% and Alibaba 9988, -6.35% BABA, -4.55% each seeing sharp declines. headtopics.com

But analysts noted that U.S. stocks were trading near all-time highs and argued that considerations closer to home were likely to call the tune for markets beyond any immediate reaction to the China developments.The “two big factors” over the course of the next week remain “earnings reports and what we hear from the Federal Reserve,” said Bill Northey, senior investment director at U.S. Bank Wealth Management, in an interview, adding that “this is against a backdrop of a very strong economic recovery” that was underscored by a strong July consumer-confidence reading Tuesday morning.

The Conference Board’s closely followed index of consumer confidence edged up to 129.1 this month from a revised 128.9 in June, hitting a 16-month high.But some investors do fear that the selling in Asia may dim the shine of a strong U.S. corporate earnings reporting season thus far.

“This crackdown on private businesses from China is significantly denting market sentiment despite a better-than-expected earnings season so far,” said Pierre Veyret, technical analyst at ActivTrades.See: How China’s stock-market meltdown puts U.S. investors at risk

Meanwhile, the Federal Reserve was due to kick off its two-day policy meeting. Policy makers led by Chairman Jerome Powell are expected to have a lengthy discussion this week about eventually slowing down their monthly bond purchases, but Fed watchers said the meeting is unlikely to produce answers to questions about the likely start or pace of any tapering effort. headtopics.com

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Read: Watch for the Fed to tiptoe toward tapering this weekIn other U.S. economic data, orders for durable goods rose 0.8% in June, well below the 2% rise expected by economists. May orders, however, were revised to show a 3.2% rise versus an initial estimate of 2.3%.

The S&P CoreLogic Case-Shiller Home Price Index showed a 16.6% year-over-year rise in May, up from the previous record of 14.8% set last month. The separate 20-city index, which gauges home prices across a group of major cities across the country, increased over the past year by 17% in May, up from 15% in the prior month.

After the close Tuesday, U.S. tech giants Alphabet GOOG, Apple AAPL and Microsoft MSFT were expected to report quarterly results. Analysts said positioning ahead of tech earnings could also help account for the underperformance of the tech-heavy Nasdaq Composite relative to other major indexes Tuesday.

Earnings Outlook: Apple, Microsoft, Google, Facebook, Amazon and Tesla headline the biggest week of earnings Read more: MarketWatch »

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What Are The Nasdaq Composite And Nasdaq 100 Indexes?The second-largest stock exchange on earth, Nasdaq also operates two major stock indexes based on companies that trade on its exchange: the Nasdaq Composite and the Nasdaq 100. The Nasdaq Composite tracks the performance of more than 3,000 stocks listed on the Nasdaq while the Nasdaq 100 captures th Advisor nice Advisor

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