US stocks fall as investors wait for results from Apple, Microsoft and Alphabet

U.S. Equity Futures are trading lower ahead of Tuesday’s Wall Street trading session, a day when three tech titans – Apple, Microsoft and Google’s parent Alphabet – will release quarterly results after the closing bell.

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On Monday, Wall Street’s benchmark S&P 500 hit a new high, ignoring concerns about the spread of the most contagious Delta variant of the coronavirus.

Investors were awaiting the Fed’s report on Wednesday for signs of the central bank’s level of concern over inflation and when it might start cutting easy credit and other economic stimulus. The minutes of the Fed’s June meeting showed that board members discussed how and when they could cut monthly bond purchases that pump money into the financial system. .

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“We expect Jay Powell to reiterate that the reduction discussion is ongoing, but that it is too early to reveal a specific date,” Quill Intelligence’s Danielle DiMartino Booth said in a report.

On Wall Street, the S&P 500 rose 0.2% to 4,422.30. The Dow Jones Industrial Average gained or 0.2% to 35,144.31. The Nasdaq composite added less than 0.1% at 14,840.71.

Cruise lines, hotels and retailers were among the winners. Carnival was up 5.5%, Caesars Entertainment added 3.3% and Gap was up 3%. Among stocks that lost ground: drugmaker Moderna fell 3.7% and chipmaker Nvidia fell 1.4%.

U.S.-traded shares in Chinese companies sank after Beijing announced additional enforcement actions on for-profit tech, real estate and education companies. Chinese authorities say they must protect public safety and financial stability, limit soaring housing costs and promote social welfare. But their abrupt orders shook investor confidence.

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China’s Ministry of Industry has announced a 6-month campaign to clean up what it says are serious problems with Internet applications violating consumer rights, cybersecurity and “disrupting market order.” Internet giant Tencent lost 10% following a weekend order from regulators to end exclusive contracts with music copyright holders they said were damaging the market. competetion.

“” A sobering message may be, ‘You can remove the China company listing, but you cannot remove China (the risks) from the company, “” Mizuho Bank said in a report. ” If this is not resolved, it may ultimately harm the ability of Chinese companies to raise global capital, a serious obstacle to Beijing’s aspirations to become global champions. “

Electric vehicle company Lucid Motors, now dubbed Lucid Group, rose 10.6% when it debuted on the stock exchange after being bought out by blank check firm Churchill Capital Corp.

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Meanwhile, Asian stock markets were mostly higher on Tuesday as investors awaited a report from the Federal Reserve for an update on when U.S. stimulus measures may start to falter.

Shanghai, Tokyo and Seoul advanced while Hong Kong retreated.

The Shanghai Composite Index gained 0.2% to 3,475.66 and the Nikkei 225 in Tokyo rose 0.4% to 27,932.08. The Hang Seng in Hong Kong fell 1% to 25,922.83.

Seoul’s Kospi rose 0.7% to 3,246.32 after economic growth moderated 0.7% from the previous quarter in the three months ending June, down from 1.7% of the previous quarter.

Sydney’s S & P-ASX 200 was up 0.6% to 7,437.70. New Zealand fell while Singapore and Jakarta advanced.

In energy markets, benchmark US crude gained 23 cents to $ 72.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to $ 71.91 on Monday. Brent crude, used to price international oils, rose 31 cents to $ 74.01 a barrel in London. It rose 40 cents the previous session to $ 74.50.

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The dollar fell to 110.18 yen from 110.39 yen on Monday. The euro edged up to $ 1.1804 from $ 1.1800.