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A man walks past the Federal Reserve Bank of New York building in New York, United States, April 26, 2021. REUTERS / Shannon Stapleton
The Dow and Nasdaq indexes fell on Wednesday as Amgen and Microsoft weighed in, as investors focused on a Federal Reserve meeting for monetary policy updates and awaited another batch of profits from big tech companies.
The US central bank’s policy statement is expected to largely follow the mold set in December, when the Fed said it would not change monetary policy until there are “new ones.” substantial progress “to meet its targets for maximum employment and 2% inflation. The statement is due at 2:00 p.m. EDT. Read more
“Investors are obviously looking for a continuation of the policy, which is very accommodating,” said Andre Bakhos, managing director of New Vines Capital LLC, New Jersey.
“They don’t want to hear, ‘We’re going to raise rates.’ If something goes wrong, investors want to know that the Fed will be there.”
The S&P 500 hit an all-time high earlier in the session, fueled by shares in parent company Google Alphabet Inc (GOOGL.O), which jumped 3.7% after posting a record second-quarter profit back-to-back and announced a $ 50 billion share buyback. Read more
Alphabet and the communications services sector of the S&P 500 (.SLPRCL), which houses the company, also hit record levels.
Market players are now bracing for results from Apple Inc (AAPL.O) and Facebook Inc (FB.O) after markets close.
Facebook Inc (FB.O) is expected to report an increase in revenue in the first quarter, while Apple Inc (AAPL.O) is expected to report an increase of more than 32% in its sales in the second quarter. Facebook shares rose 1.4%, while Apple fell 0.2%.
At 12:08 p.m. ET, the Dow Jones Industrial Average (.DJI) was down 117.71 points, or 0.35%, to 33,867.22, the S&P 500 (.SPX) was up 1.79 points , or 0.04%, to 4,188.51 and the Nasdaq Composite (.IXIC) lost 32.39 points, or 0.23%, to 14,057.83.
The highly technological Nasdaq (.IXIC) completed a full rally on Monday after its 11% correction that began in February, largely supported by a rise in mega-cap stocks and lower inflation fears.
Microsoft Corp (MSFT.O) met quarterly sales expectations and beat earnings estimates, but its shares fell 3.3% and put pressure on the Nasdaq amid skepticism about the one-off benefits included in the results and high hopes after a one-year rally. Read more
Biotech Amgen Inc (AMGN.O) 7.5% drop weighed on the Dow (.DJI) after it reported that its first quarter sales and profits fell due to a 7% drop in prices net of his medications and a blow from the COVID-19 pandemic. Read more
Boeing Co (BA.N) fell 3.4% after posting a larger-than-expected quarterly loss and suspending 737 MAX deliveries due to an electrical problem that partially grounded the fleet. Read more
Overall profit for S&P 500 companies in the first quarter is expected to increase 39.2% from a year earlier, according to data from Refinitiv IBES.
US President Joe Biden is expected to unveil a $ 1.8 trillion package for families and education during his first joint speech to Congress, senior White House officials have said. Read more
Rising issues outnumbered declines by a 1.24-to-1 ratio on the NYSE. The declining issues outnumbered Advocates by a 1.06 to 1 ratio on the Nasdaq.
The S&P Index recorded 71 new 52-week highs and no new lows, while the Nasdaq recorded 87 new highs and 18 new lows.
Our Standards: Thomson Reuters Trust Principles.
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