Stocks dropped on weak earnings and economic concerns, with some positive reports.

From Nasdaq: 2024-07-25 18:17:24

US stocks closed mixed on Thursday, with the S&P 500 down -0.51%, Dow up +0.20%, and Nasdaq down -1.06%. Wednesday’s drop was due to weak earnings from Tesla, Google, chip stock struggles, economic growth concerns, and uncertainty over US politics. Economic reports showed positive Q2 GDP growth and lower inflation. Investors await key tech earnings next week. Market anticipates potential Fed rate cut. Overseas markets closed lower. 10-year T-note yield fell. Alphabet fell -2.90%, Tesla rose +2.06%, and chip stocks dragged down Nasdaq. Ford plunged -18.36%, Lululemon -9.09%, and other companies reported disappointing earnings. Royal Caribbean reinstated dividends. Airlines rallied after earnings.Various companies reported earnings on Thursday, including Centene Corp, Aon PLC, 3M Co, Colgate-Palmolive Co, and others. Market awaits upcoming tech earnings. Market consensus for Q2 S&P 500 earnings is +9% y/y. Majority of companies are beating earnings expectations, but only 43% are beating revenue predictions, the lowest in five years. Market looks to the Fed’s decision on potential rate cut.



Read more at Nasdaq: Stocks Continue Lower on Economic Concerns and Negative Earnings Surprises