Muhle 12, Schonenbuch

061 924 40 83


5 Aufrufe

By Stephen Culp NEW YORK, July 11 (Reuters) - U.S.

stocks lost ground on Monday as a lack of catalysts left market participants warily embarking on a week back-end loaded with crucial economic data and the unofficial beginning to second-quarter earnings season. Market leading growth stocks pulled all three major U.S.

stock indexes into negative territory, with risk-off sentiment exacerbated by Macao's first casino shutdown in over two years to curb the spread of COVID-19. "It´s a nervous market," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.
"It´s all about the kick-off to earnings season and what inflation (data) tells us tomorrow." "We know inflation is being driven by supply constraints, and China is an important factor," Haworth added. "And (the Macao shutdown) threw a cold blanket on the market this morning." Results from big banks, including JPMorgan Chase & Co , Citigroup Inc, and Wells Fargo & Co, are expected to launch second-quarter reporting season later this week. Analysts expect steep plunges of year-on-year profits as the companies grow their loan loss reserves, fueling fears of impending recession. Later in the week a raft of economic data - including consumer prices, retail sales and factory output - should provide a glimpse of the extent to which inflation has peaked and the economy has cooled down as the Federal Reserve moves closer to next week's policy meeting, which is expected to culminate in the second straight 75 basis point interest rate hike. "The market is trying to caution itself ahead of that (CPI) print," Haworth said.

"We´re hoping for a slowdown, which would put the Federal Reserve in a softer stance, but on the other hand, there are lots of reasons to believe inflation could stay high and the Fed will remain aggressive." The market currently expects that the central bank will raise the Fed funds futures rate by 75 basis points in its latest salvo against red-hot inflation, a tactic which some fear could tip an already cooling economy into recession. According to preliminary data, the S&P 500 lost 44.59 points, or 우리카지노 1.14%, to end at 3,854.79 points, while the Nasdaq Composite lost 260.82 points, or 2.24%, to 11,374.48.

The Dow Jones Industrial Average fell 162.85 points, 챔프카지노주소 or 0.55%, to 31, Before big banks launch second quarter earnings season in earnest on Thursday and Friday, PepsiCo and Delta Air Line results are expected Tuesday and 우리카지노 Wednesday, reely. As of Friday, analysts saw aggregate annual S&P earnings growth of 5.7% for sm카지노주소 the April to June period, down from the 6.8% forecast at the beginning of the quarter, accordinfinitiv. Twitter Inc tumbled in the wake of Elon Musk saying he is terminating his deal to buy the socialcompany. Shares of U.S.

casino operators Las Vegas Sands, Wynn Resorts and Melco Resorts plunged after Macau shuttered all casinos to contain its worst COVID outbreak since the health crisis began. (Reporting by Stephen Culp; additional reporting by Amruta Khandekar and Shreyashi Sanyal in Bengaluru Editing by uerita Choy)

Sorry, comments are unavailable..