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(For a blog in the U.S. inventory market, click or type LIVE/ in a news window)
Apple becomes the world’s most valuable public company
Dow oversized through Chevron, Exxon’s losses
Downward indices: Dow 1.05%, S-P 0.66%, Nasdaq 0.09% (early afternoon updates)
By Medha Singh and Devik Jain
July 31 (Reuters) – U.S. stocks fell Friday because uncertainty about the upcoming government aid opposed to coronavirus exacerbated economic considerations about the pandemic, countering the early euphoria of Apple’s surprising quarterly effects, Amazon.com and Facebook.
Google-parent Alphabet Inc fell 5.1%, and was among the biggest drags on the S&P 500 and Nasdaq, as it posted the first quarterly sales dip in its 16 years as a public company.
Negotiations on humanitarian aid opposing coronaviruses continued, however, the White House and Democrats were still on their way to an agreement, hours before the expiration of a federal unemployment benefit.
“Markets are operating as if there is an emergency stimulus or at least an interim measure. Otherwise, we would see a big stock decline,” said Danielle DiMartino Booth, Quill Intelligence’s leading strata in Dallas.
“There is a lot of enthusiasm and investors need stocks to go up, however, we continue to be interrupted by the truth of the bad news.”
COVID-19 deaths gave the impression of expanding at its top speed since early June in the United States, while the epicenter of the pandemic showed symptoms of moving towards the Midwest.
U.S. equities opened up thanks to the rise of generation companies. Apple Inc. rose 7.1% to briefly assume Saudi Aramco as the world’s most valuable public company, as it generated profit gains year after year across all categories and regions.
Amazon.com Inc. rose 3.7% after posting the largest profit in its 26-year history, while Facebook Inc rose 7.5% after posting better-than-expected revenue.
An increase in the stockpiles of tech titans, which account for about one-fifth of the SP 500 price, and about $5 trillion in asset purchases activated through the world’s five largest central banks have set the SP 500 on track for its fourth consecutive month Gain.
The benchmark is now around 4% of its all-time high in February, but weak macroeconomic knowledge and emerging coVID-19 instances in the United States are making investors cautious again.
In 1253 AEDT, the Dow Jones Industrial Average dropped 276.53 points, or 1.05%, to 26037.12, and the S.P.500 dropped 21.52 points, or 0.66%, to 3,224.70. The Nasdaq compound fell 9.66 points, or 0.09%, to 10578.15.
Energy stocks fell to the top of S-P’s 11 most sensitive sectors after Chevron Corp reported a $8.3 billion loss from asset impairment and ExxonMobil Corp. recorded a moment directly loss quarterly.
Caterpillar Inc fell 4.1% after economic activity showed few improvements in the sale of appliances.
The declining problems exceeded the number of advanceers by a ratio of 2.76 to 1 on the NYSE and a ratio of 3.57 to 1 on the Nasdaq.
The index recorded 25 new highs over 52 weeks and no new lows, while the Nasdaq recorded 92 new highs and 20 new lows.
(Reporting through Medha Singh and Devik Jain in Bangalore; Edited through Saumyadeb Chakrabarty and Shounak Dasgupta)