Global stock index dips on earnings and Fed jitters
By Sinéad Carew and Chris
Prentice
Tue July 30, 2024 4:27 PM
Awaiting Q2 from Microsoft and AMD (due tomorrow) and Apple and Amazon later this week plus the Fed meeting tomorrow, today was one for hedging bets in case the news from these megacaps is not up to par. Once again, a day ahead of the news, there was a flight to safety out of tech and back to industrials with the Dow gaining over 200 and the Nasdaq losing even more. Good Q2 is the hope but bad Q2 only feared as a momentary disappointment, with the Fed still expected to announce a September rate cut. As today’s expert put it, “Ultimately we think the data will continue to show a much normalized labor market, if not weak, along with an inflation that is running in the Fed’s target zone.” Per the CBOE, volume came in at 11.3 billion, close to the 4-week average.
DJ: 40,539.93 -49.41 NAS: 17,370.20 +12.32 S&P: 5,463.54 +4.44 7/29
DJ: 40,743.66 +203.73 NAS: 17,147.42 -222.78 S&P: 5,436.42 -27.12 7/30
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