Monday 2nd August 2021
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U.S. stock markets indexes fell Friday. The Dow Jones Industrial Average lost 0.42%, while the S&P 500 index and the Nasdaq Composite index dropped 0.71%, respectively. The core personal consumption expenditures price index, the Fed’s preferred inflation measure, rose 3.5% annually in June, making for the biggest increase since July 1991. Prices were up 0.4% month over month. Hoever, both readings were below what analysts expected.
Stock earnings reported were mixed in terms of beating beating expectations. Amazon Inc.'s quarterly revenue topped $100 billion for the third straight quarter but was below analyst estimates for the first time in three years. Caterpillar Inc., a bellwether for global economic activity, reported equipment sales spiked 31% from a year ago. The heavy-equipment maker said demand is likely to remain strong in the current quarter, but that supply chain disruptions remain a concern. Proctor & Gamble Co. beat both the top and bottom lines expectations, but expected rising costs to lower margins for the remainder of the financial year. Other overseas markets were weaker across the board. European stock exchanges were all lower with Britain’s FTSE 100 falling 0.83%, Germany’s DAX 30 declining 0.65% and France’s CAC 40, 0.04% softer. In Asia, Japan’s Nikkei 225 tumbled 1.8% while Hong Kong’s Hang Seng index and China’s Shanghai Composite lost 1.35% and 0.42%, respectively.
West Texas Intermediate crude oil losed marginally higer at $73.95 a barrel and gold fell $18.60 to $1,812.60 an ounce.
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