Markets
Here are today’s market moves:
What Happened?
The S&P 500 and other major indexes fell on Tuesday ahead of quarterly results from big tech names such as Apple, Microsoft, Google, Facebook, and Amazon.
The major indexes have been rallying to records the previous five days, so pullbacks like today should be expected.
The spread of the delta variant of coronavirus is leading some investors to question whether the economic recovery will be as robust as anticipated.
Apple shares are down 2% in after-hours trading even after the company announced results that crushed expectations:
How can a stock go down even after beating expectations? Because sometimes there is already a lot of optimism priced in and beating earnings just isn’t enough to move it higher.
The crypto market gained slightly on Tuesday, with Bitcoin trading just below the $40k level. Interestingly, the crypto market held up nicely on a day that tech got hammered.
What Else?
This Week
Monday: Earnings expected from Tesla.
Tuesday: Earnings expected from Apple, Microsoft, Google, and Starbucks.
Wednesday: Earnings expected from Facebook, Paypal, Spotify, and McDonalds.
Thursday: Earnings expected from Amazon, Mastercard and T-Mobile.
Friday: Earnings expected fromP&G, Exxon, and Chevron.