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Tuesday 20th March 2018

Wall Street Stocks Mostly Lower at Start of News-Heavy Week

Business

7Dnews London

Mon, 29 Jul 2019 17:15 GMT

The start of this week has been packed with news, including a Federal Reserve decision and Apple results, with Wall Street stocks mostly lower early on Monday July 29th, AFP reported.

The Dow Jones Industrial Average stood at 27,221.32, up 0.1% about 15 minutes into trading.

The broad-based S&P 500, however, slipped 0.2% to 3,020.78 and the tech-rich Nasdaq Composite Index dropped 0.5% to 8,290.23, both retreating from record closes on Friday.

The cautious start to the trading week came ahead of a trove of market-moving events in the coming days.

There is intense debate about the size of the Fed’s cut in the interest rate expected to take place on Wednesday for the first time in a decade and the question of whether the US central bank will have to deliver more stimulus this year.

President Trump on Monday again lashed out at the Federal Reserve ahead of its July meeting, criticising the central bank for what he characterised as overly restrictive interest rates and said a “small” rate cut would not be enough this week, according to CNBC News.

Throughout the week earnings will continue to be in focus; it is the last of three especially heavy weeks of reports on quarterly results. This week's slate includes Apple, Procter & Gamble and Exxon Mobil.

Among individual companies, generic drug company Mylan shot up 14.3% as it announced plans to combine with Pfizer's non-patent drug division. Dow-member Pfizer fell 1.1%.


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