The U.S. New York Stock Exchange ended the day with declines. On the same day that both companies announced their second-quarter earnings, the stock prices of Alphabet, Google’s parent company, and Tesla moved in opposite directions. Alphabet’s stock price remained steady, while Tesla’s saw a 2% decline.
On July 23, the Dow Jones Industrial Average closed at 40,358.09, marking a decrease of 57.35 points, or 0.14%, from the previous trading session.
The S&P 500 index, which recorded its highest increase over a month since July 5, fell by 0.16% to close at 5,555.74. The Nasdaq Composite Index dropped 0.06%, finishing at 17,997.35.
The second-quarter earnings announcements from major companies that started that day were generally smooth. Among the S&P 500 companies, 20% reported their second-quarter earnings. FactSet analyzed that 80% of them exceeded market expectations.
Companies like Alphabet and GM reported favorable second-quarter results. Despite posting results that surpassed market consensus, GM’s stock plummeted by 6.4% due to delays in its electric vehicle and autonomous driving plans.
Alphabet reported decent second-quarter results, leading to a 0.14% increase in its stock price. Conversely, despite reporting good results, Tesla’s stock declined by 2.04%. This drop was attributed to its EPS falling short of market consensus.
UPS’s stock price plunged by 12% as its second-quarter results fell short of expectations.
Currently, there is growing market anticipation that the Federal Reserve will begin cutting interest rates, leading investors to show interest in investing in small and mid-cap stocks.
Greg Bassuk, CEO of AXS Investment, commented that the second-quarter earnings of listed companies and the political situation in the U.S. will influence the flow of the New York stock market for some time.
