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S&P 500 and Nasdaq Retreat from Highs as Earnings Disappoint
29 Jul
Summary
- S&P 500 and Nasdaq retreat from record highs
- Disappointing earnings from Dow components like UnitedHealth, Boeing, and Merck
- Upcoming earnings from tech giants like Meta, Microsoft, Amazon, and Apple expected to heavily impact market
On Tuesday, the S&P 500 and Nasdaq retreated from their recent record highs as some corporate earnings reports disappointed investors. A number of Dow Jones Industrial Average components, including health insurer UnitedHealth, aerospace firm Boeing, and pharmaceutical company Merck, all traded lower after releasing their quarterly results.
UnitedHealth fell 5.2% as the biggest drag on the Dow after providing a disappointing profit forecast, while Boeing lost 3.7% despite reporting a smaller second-quarter loss. Merck also shed 2.6% after the drugmaker reported its quarterly results and said it was extending its pause on shipments of the HPV vaccine Gardasil to China until at least the end of 2025 due to persistent weakness in demand.
Looking ahead, earnings from tech giants Meta, Microsoft, Amazon, and Apple are scheduled for later this week and are likely to have a significant impact on the overall market direction. Investors will be closely watching these reports and outlooks to gauge the health of the broader economy.
