S&P 500 and Nasdaq end down after hitting record highs

Record ID: 1626260

  • Title: S&P 500 and Nasdaq end down after hitting record highs
  • Date: 13th July 2021
  • Summary: MIAMI, FLORIDA, UNITED STATES (JULY 13, 2021) (REUTERS) (SOUNDBITE) (English) O'NEIL GLOBAL ADVISORS, CHIEF INVESTMENT OFFICER, RANDY WATTS, SAYING: "Right now, there's a tug of war going on in the market and investors minds, and that is how fast is earnings growth going to be versus valuation? Valuation is really driven by interest rates and inflation. As interest rates and inflation rise, investors put a lower multiple on the stock market. Right now for the market to go higher, we need two things to occur. We need interest rates and inflation to be pretty stable, and we need earnings estimates to continue to grow. If earnings estimates are disappointing or if inflation interest rates rise more than expected, given the move the markets had, it's likely stocks are going to go down. Right now, it's up in the air what's going to occur there. I think we do need a good earnings season across the board for stocks to continue to do well. But people are expecting that, people are expecting gains for the S&P and earnings of over 50 percent this quarter. So investors are expecting a pretty good season."
  • Embargoed: 27th July 2021 21:09
  • Keywords: COVID-19 Delta variant Dow Jones Nasdaq S&P 500 Wall Street coronavirus equities index indices markets shares stocks trading vaccine
  • Location: NEW YORK, NEW YORK, + MIAMI, FLORIDA, UNITED STATES
  • City: NEW YORK, NEW YORK, + MIAMI, FLORIDA, UNITED STATES
  • Country: USA
  • Topics: Economic Events,Equities Markets,United States
  • Reuters ID: LVA002ELODKCN
  • Aspect Ratio: 16:9
  • Story Text: The S&P 500 and Nasdaq ended lower on Tuesday (July 13) after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.
    The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.
    The Nasdaq Composite dropped 0.38% to 14,677.65.
    (Production: Hyeongmi Kim, Fred Katayama, Aleksandra Michalska)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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