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US Stocks Close Lower Tuesday

Nasdaq down 1.21%

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Jul 27, 2021
Summary
  • Federal Open Market Committee begins two-day policy meeting.
  • Tech earnings from Apple, Google, Microsoft and Advanced Micro Devices.
  • Oragenics gains 34.21%.
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The Dow Jones Industrial Average closed at 35,058.52 on Tuesday with a loss of 85.79 points or -0.24%. The S&P 500 closed at 4,401.46 for a loss of 20.84 points or -0.47%. The Nasdaq Composite closed at 14,660.58 for a loss of 180.14 points or -1.21%. The VIX Volatility Index was higher at 19.36 for a gain of 1.78 points or 10.13%.

Tuesday’s market movers

U.S. stocks closed lower Tuesday, retreating from record highs. Investors were hesitant as they watched several market developments. The Federal Open Market Committee began a two-day policy meeting, where it is expected to begin discussing some plans for asset purchase tapering. Tech stocks Apple (

AAPL, Financial), Google (GOOG, Financial)(GOOGL, Financial), Microsoft (MSFT, Financial) and AMD (AMD, Financial) were in the earnings spotlight. Stocks also followed a global trend lower after Asian markets were down following Chinese regulatory efforts on private companies, particularly rules requiring minimum wage for online food companies.

On the earnings calendar:

  • General Electric (GE, Financial): Revenue of $18.3 billion increased 8.9% year over year and beat estimates by $340 million. A second-quarter GAAP loss of 7 cents per share and non-GAAP earnings of 5 cents beat estimates by 2 cents.
  • Apple (AAPL, Financial): Revenue of $81.4 billion increased 36.4% year over year and beat estimates by $7.93 billion. Third-quarter GAAP earnings of $1.30 per share beat estimates by 29 cents.
  • Alphabet (GOOG, Financial)(GOOGL, Financial): Revenue of $61.88 billion increased 61.6% year over year and beat estimates by $5.8 billion. Second-quarter GAAP earnings of $27.26 per share beat estimates by $7.99.
  • Microsoft (MSFT, Financial): Revenue of $46.2 billion increased 21.5% year over year and beat estimates by $1.9 billion. Fourth-quarter non-GAAP earnings of $2.17 beat estimates by 25 cents.
  • Advanced Micro Devices (AMD, Financial): Revenue of $3.85 billion increased 99.5% year over year and beat estimates by $240 million. Second-quarter GAAP earnings of 58 cents per share beat estimates by 12 cents and non-GAAP earnings of 63 cents beat estimates by 9 cents.
  • Tesla (TSLA, Financial) down 1.95% after reporting earnings yesterday after the market closed. Revenue of $11.96 billion increased 98.0% year over year and beat estimates by $560 million. Second-quartert GAAP earnings of $1.02 beat estimates by 47 cents and non-GAAP earnings of $1.45 beat estimates by 47 cents.

In other news:

  • Durable goods orders increased 0.8% in June following an increase of 3.2%. Durable goods orders excluding transportation increased 0.3% and durable goods orders excluding defense increased 1%.
  • S&P/Case-Shiller Home Price increased 1% in May following an increase of 2.2%. Year over year, the S&P/Case-Shiller Home Price Index increased 17%, up from 15%.
  • The FHFA House Price Index increased 7% in May following an increase of 1.8%. Year over year, the FHFA House Price Index increased 18%, up from 15.8%.
  • The Conference Board’s Consumer Confidence Index increased to 129.1 in July from 128.9.
  • The Richmond Fed Manufacturing Index increased to 27 in July from 26.
  • The Treasury held auctions for 42-day bills at a rate of 0.040% and five-year notes at a rate of 0.71%.

Across the board:

  • Oragenics (OGEN, Financial) gained 34.21%.
  • Eyegate Pharmaceuticals (EYEG, Financial) was up 20.83%.
  • Utilities Select Sector SPDR Fund (XLU, Financial) rose 1.72%.
  • KraneShares Electric Vehicles and Future Mobility (KARS, Financial) declined 4.56%.
  • The 10-year Treasury ended with a yield of 1.239%.

Small-cap stocks

In small caps, the Russell 2000 closed at 2,191.83 for a loss of 25.09 points or -1.13%. The S&P 600 closed at 1,318.72 for a loss of 11.27 points or -0.85%. The Dow Jones U.S. Small-Cap Growth Index closed at 14,716.67 for a loss of 167.84 points or -1.13%. The Dow Jones U.S. Small-Cap Value Index closed at 10,870.27 for a loss of 74.35 points or -0.68%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,660.58 for a loss of 15.35 points or -0.57%; the S&P 100 at 2,025.40 for a loss of 13.09 points or -0.64%; the Nasdaq 100 at 14,956.97 for a loss of 168.98 points or -1.12%; the Russell 3000 at 2,611.02 for a loss of 14.63 points or -0.56%; the Russell 1000 at 2,470.98 for a loss of 12.87 points or -0.52%; the Wilshire 5000 at 45,769.73 for a loss of 263.52 points or -0.57%; and the Dow Jones U.S. Select Dividend Index at 830.03 for a gain of 2.61 points or 0.32%.

Disclosures

I am/we are Long GE, AAPL, GOOG and TSLA.
The views of this author are solely their own opinion and are not endorsed or guaranteed by GuruFocus.com
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