Dow closes 100 points lower as hot inflation report overshadows strong earnings
14 Jul 2021 | SET News
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Dow closes 100 points lower as hot inflation report overshadows strong earnings
The Dow Jones Industrial Average slipped from its high as a hotter-than-expected inflation report overshadowed a strong start to second-quarter earnings season on Tuesday.
The small-cap Russell 2000 fell nearly 1.9% in its worst daily performance since June 18.
The S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed yields higher.
The Dow Jones Industrial Average fell 0.31% to end at 34,888.79 points, while the S&P 500 lost 0.35% to 4,369.21.
The Nasdaq Composite dropped 0.38% to 14,677.65.
All eyes now turn to Fed Chair Jerome Powell’s congressional testimony on Wednesday and Thursday for his comments about rising price pressures and monetary support going forward.
PepsiCo Inc gained 2.3% after raising its full-year earnings forecast, betting on accelerating demand as COVID-19 restrictions continue to ease.
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