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Advisors Asset Management CIO and Chairman Cliff Corso gives his perspective on the current construction and infrastructure market.
U.S. stock indexes hit record highs on Tuesday as investors sorted through a barrage of earnings reports and data as the Federal Reserve launched a two-day policy meeting.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | MEDIUM DOW JONES | 35040.15 | -104.16 | -0.30% |
| SP500 | S&P 500 | 4397.7 | -24.60 | -0.56% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14622.80409 | -217.91 | -1.47% |
The Dow Jones Industrial Average lost 189 points, or 0.54%, while the S&P 500 and Nasdaq Composite were down 0.45% and 0.27% respectively. Choppy trading comes a day after all three major averages hit all-time highs.
Tuesday’s sale comes after the Census Bureau said durable goods orders rose 0.8% in June, missing the expected 2.1% increase. Elsewhere, home prices rose 16.6% per year, the highest on record, according to the National Case-Shiller Index.
The Federal Reserve began its two-day meeting on Tuesday and is expected to keep its policy on hold. Investors will be keenly attentive to any indication from the central bank as to when it may start to cut back its asset purchase program or raise interest rates.
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In stocks, Tesla Inc. beat both earnings and earnings, with the electric carmaker’s quarterly profit surpassing $ 1 billion for the first time. CEO Elon Musk has said he likely won’t participate in future earnings calls unless he has “something really important” to say.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 645.53 | -12.09 | -1.84% |
Component Dow 3M Co. has raised its outlook for annual sales and profits as business units that have been affected by the pandemic have shown signs of a rebound.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| MMM | 3M CO. | 199.60 | -2.30 | -1.14% |
United Parcel Service Inc. said its quarterly revenue jumped 14.5% year-on-year as parcel delivery remained strong as consumers preferred to order online rather than buy in-store. Profits and revenues were ahead of Wall Street estimates.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| UPS | UNITED COLIS SERVICE, INC. | 191.96 | -18.04 | -8.59% |
General Electric Co. reported positive free cash flow and raised its annual forecast for the metric as its aerospace business returned to growth.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| TO GIVE | GENERAL ELECTRICAL CO. | 13.08 | +0.14 | + 1.10% |
Alphabet Inc., Apple Inc. and Microsoft Corp. will publish their quarterly results after Tuesday’s closing bell.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET, INC. | 2 645.63 | -35.07 | -1.31% |
| AAPL | APPLE INC. | 146.82 | -2.17 | -1.46% |
| MSFT | MICROSOFT CORP. | 285.04 | -4.01 | -1.39% |
Outside of profits, Starbucks Corp. will sell its stake in a $ 2 billion South Korean joint venture and use the proceeds to invest in faster growing international markets.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 125.49 | -0.57 | -0.45% |
In commodities, West Texas Intermediate crude oil climbed 5 cents to $ 71.96 per barrel and gold rose $ 5.10 to $ 1,804.30 per ounce.
Markets around the world were mostly down.
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European stock markets were weaker overall with the German DAX 30 down 0.57%, the French CAC 30 slipping 0.45% and the UK FTSE 100 weaker by 0.4%.
In Asia, Hong Kong’s Hang Seng Index fell 4.22%, extending its two-day drop to 8.18% after Chinese regulators cracked down on tech and private education companies. Elsewhere in the region, China’s Shanghai Composite fell 2.49% and Japan’s Nikkei rose 0.49%.
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