Stocks rally ends as market shifts focus to upcoming interest rate decisions

From Yahoo Finance: 2024-07-29 16:40:15

Despite missing earnings expectations, McDonald’s shares rose over four percent on Monday. Stock markets saw mixed performance with Asian indices mostly higher, but Europe and Wall Street struggling. Investors are awaiting key interest-rate decisions this week from the US, UK, and Japan, as well as US jobs data and more tech sector earnings.
Market analysts expect a cut in US interest rates in September following positive data and a decrease in US inflation. The Bank of England may also cut rates for the first time since the Covid pandemic. Oil prices fell despite Middle East tensions, as concerns over Chinese economy dampened demand.
McDonald’s reported second-quarter results on Monday with sales and profit missing estimates. Despite this, shares rose more than four percent with declining sales in both the US and abroad. Key market figures around 2020 GMT included mixed performance in New York, London, Paris, Frankfurt, as well as gains in Tokyo and Hong Kong.



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