US Stocks: Nasdaq renews record high, Dow and S&P close lower
|Ahead of this week's earnings reports from big tech companies, the Nasdaq Composite Index reached its record high at 6,417.70 before closing the day at 6,412.81, up 25 points, or 0.4%. On the other hand, the Dow Jones Industrial Average and the S&P 500 indexes couldn't keep up with the Nasdaq and finished the day with losses.
The day's biggest loss came from the sporting goods retailer Hibbett Sports, which slumped more than 30% after weak second-quarter sales figures weighed on its shares. This drop also hurt other companies in the same sector, forcing Dick's Sporting, and Foot Locker to record sharp losses as well. Furthermore, Johnson & Johnson shares fell nearly 1.5% as it faces discounted competition to its big-selling rheumatoid arthritis drug, according to Reuters.
The Dow Jones Industrial Average lost 66.90 points, or 0.3 percent, to 21,513.17, and the S&P 500 fell 1.25 points, or 0.05% percent, to close at 2,468.25.
After the closing bell, one of the four "FANG (Facebook, Amazon, Netflix, Google)" stocks, Google Alphabet Inc. reported an EPS of $5.01 (vs. estimated $4.45) and a revenue of $26.01B (vs estimated $21.50B). Netflix last week already announced better than expected numbers and Facebook and Amazon will be coming up next this week.
Headlines from the U.S. session:
- US Pres. Trump: Senate Republicans must fulfill promise to repeal and replace Obamacare
- US Dollar stays quiet around 93.80 ahead of Wednesday's FOMC meeting
- July FOMC meeting, an opportunity to give guidance on balance sheet normalization - BBVA
- Federal Reserve will be the central bank of attention - UOB
- US Existing Home Sales: Another slide amid low inventories - Wells Fargo
- Clues on balance sheet reduction will be in focus as Fed eyes an October start - ING
- FOMC preview: No major changes to the statement - Danske Bank
- US: Total existing-home sales decreased 1.8 percent - National Association of Realtors
- US: Sharpest expansion of US private sector output for six months in July - Markit
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