Wall Street Starts Slightly Lower in Busy Data Week
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Wall Street Starts Slightly Lower in Busy Data Week

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Stock markets in New York opened slightly lower on Monday after the loss before the weekend. However, investors on Wall Street are preparing for a busy week of numbers.

 

About a third of the companies in the S&P 500 index are releasing their results this week, including major tech companies such as Microsoft, Facebook parent Meta, Apple, Amazon, and Google owner Alphabet.

In addition to the well-known tech companies, major concerns such as Coca-Cola, McDonald’s, Boeing, Ford, and Pfizer are also opening the books this week. In addition, we are looking forward to the new interest rate decision by the Federal Reserve, which is scheduled for Wednesday. The US central bank is then expected to raise interest rates again by 0.75 percentage points to combat high inflation.

Shortly after opening, the Dow-Jones index was 0.1 percent lower at 31,882 points. The broad S&P 500 fell 0.2 percent to 3,955 points, and tech gauge Nasdaq lost 0.4 percent to 11,790 points. The vote was supported by comments from Treasury Secretary Janet Yellen, who said Sunday that he saw no signs of a recession in the United States.

Apple won 0.2 percent. In exceptional cases, the tech company offers discounts on iPhones and related products for the phones. But only in China. With the discounts, Apple is probably trying to get rid of stuff from the leftover stocks that have arisen because the Chinese have not been able to shop due to the lockdowns.

Intel lost 0.7 percent. The chipmaker will produce chips for the major Taiwanese chip developer MediaTek. Snap fell 1.2 percent. The app’s parent company, Snapchat, saw almost 40 percent of market value evaporate on Friday after severely disappointing results from the platform for video and photo messages. As a result, Morgan Stanley analysts lowered their advice for the stock.

Boeing was down 2.8 percent. Nearly 2,500 employees at three production sites of the aircraft manufacturer’s defense division have rejected Boeing’s contract offer and will go on strike on August 1.

Barbecue and grill maker Weber plunged 21 percent. The company issued a revenue and profit warning, partly because people buy Weber’s sometimes pricey products less often due to high inflation. Weber also announced that CEO Chris Scherzinger has resigned with immediate effect.

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