Big Tech Sinks Stock Market in Runup to Earnings
Tuesday, 27 July 2021 04:51 PM
U.S. equities ended a five-day winning streak on Tuesday as megacap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports.
The tech-heavy Nasdaq 100 posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs. The Hang Seng Index sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets.
The rout in China is adding to global market unease, with investors already concerned about the economic recovery, given the rise in the Covid-19 delta variant and central-bank talk of tightening policy. While a strong start to the earnings season has helped U.S. equities, investors have been anticipating further catalysts from this week’s Federal Reserve meeting and the updates due today from Apple, Microsoft and Alphabet Inc., which are among the top five heaviest-weighted stocks in the S&P 500. Shares of all three were among the biggest drags on the index on Tuesday.
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READ MORE: https://www.newsmax.com/newsfront/stk-top-us-world/2021/07/27/id/1030177/
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