Editor
The U.S. stock market’s main indicators fell on Thursday due to lower-than-expected Megga Tech earnings reports.
This Thursday, the Wall Street Main Index performance was dull due to rising jobless claims and lower-than-expected tech stock gains. Starting with the tech sector, Megacap tech stocks (Apple, Google, Amazon, Microsoft) added to recent losses. Morgan Stanley suggested and predicted that Amazon will deliver an outstanding EBIT beat in Q2 and guide positively for Q3. Apple AnySilgs sees that consumption will be 4% higher than in the third quarter. Street estimates are 4-5% too low for the September quarter,” and Anysys says not.
Still, today’s reports show that the company’s early gains were reversed for tech stocks ahead of Netflix earnings. Further, NVIDIA rose 2%, bucking the trend despite US chip ban concerns. Meanwhile, investors will turn their attention to the upcoming earnings report released by Netflix. The report is scheduled to be released right after the closing bell. Investors have high hopes for the company’s results, which are expected to at least boost U.S. stock market gains.
Here, down below, are some of the highest individual stock performances.
DR Horton stock jumped 10% after beating quarterly profit estimates and approving a $4 billion share buyback.
Domino’s Pizza stock slumped 13% after missing quarterly same-store sales estimates.
United Airlines reported Q2 earnings topping estimates but issued Q3 guidance below expectations.
As of 15:40 a.m. ET, New York time, all main indicators in the U.S. stock market were down. The S&P 500 benchmark was down by 1.03% to 5.530.90 basis points, and the tech-heavy Nasadq was down by 1.06% to 17.808.70 basis points. The Dow Jones industrial average declined by 1.39% to 40.625.90 basis points.
In light of this report and the following report, Marktres sees a 25 basis point interest rate hike in September. The new unemployment report shows a collapsing labor market due to Ford’s inflation rate hikes. The unemployment claims for the week ended July 13 were higher than the market explanation. The data reported by the Bereau of statistics shows that the new unemployed classes were up by 243.000, while June’s unemployment rate rose to 4.1%.
In other economic news, 30-year fixed mortgage rates saw their lowest level since mid-March this week. Sam Khater shared his opinion on the subject in a statement and says, “Sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.” Mortgage mortgage rates fell to 6.77%, the lowest since mid-March, down from 6.89% the prior week. On a year-to-year basis, the fixed 30-year mortgages were still the same, with a slight decline of 0.01%. As for the purchase application, demand it remember its pre-spring level of 5% despite the low rates.
Historically, higher rates have been the key affecting factors in the housing market. This affliction was clerically measurable in 2019. The next year and the trend of increasing interest rates due to Maecrecenocms complexes However, existing-home sales volume in 2023 reached the lowest level since 1995.
