- Title: Wall St ends down as caution rises before big tech earnings, Fed
- Date: 27th July 2021
- Summary: NEW YORK, NEW YORK, UNITED STATES (JULY 27, 2021) (REUTERS) (SOUNDBITE) (English) SYSTEMATIC VENTURES, CEO, MAX WOLFF, SAYING: "Yes, it looks to me like the market's getting to the point where it's about as overbought as it can get. In other words, we've squeezed every upside story for all the juice that's in there and ignored a lot of the downside stories. And I think a very, very robust recovery trade got way out over their skis because I think the Delta variant is kind of humbling there. I do think we might see a little more accommodation to bullishness from the Fed, but I also think how much higher that we are going to go. We have an eight trillion dollar Fed balance sheet. We have 10-year is at 1.25. We have 30-year mortgages at two percent. We have a housing supply shortage, but the prices have gotten so high that it's tempering some of the excitement. I just sort of think that the things that got us here up out of the doldrums, they've gone to about 110 percent as far as they could go. So we need a new story to go higher. Otherwise, we'll come a little bit back down to earth for a few weeks and maybe have a little bit retrenchment, which is healthy to march lower."
- Embargoed: 10th August 2021 21:10
- 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, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets,United States
- Reuters ID: LVA002ENMB1VR
- Aspect Ratio: 16:9
- Story Text: U.S. stocks ended lower on Tuesday (July 27), led by declines in the Nasdaq as investors were cautious before results from top tech and internet names and Wednesday's Federal Reserve announcement.
The Dow Jones Industrial Average fell 85.79 points, or 0.24%, to 35,058.52, the S&P 500 lost 20.84 points, or 0.47%, to 4,401.46 and the Nasdaq Composite dropped 180.14 points, or 1.21%, to 14,660.58.
(Production: Hyeongmi Kim, Aleksandra Michalska, Fred Katayama)
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