July 27, 2021

July 27, 2021

Stocks dropped lower today, with every major index finishing in negative territory. In economic news, the manufacturing PMI was 63.1 during July, more than expected.

 

Dow Jones -85 at 35,060

S&P 500 -21 at 4,402

NASDAQ -180 at 14,661

 

The 10 Year Treasury closed down 4 basis points yielding 1.23%

Oil prices closed down $0.17 ending at $71.74 a barrel

Gold prices closed up $1 ending at $1,800 an ounce

 

Corporate news:

 

  • Shares of UPS dropped 7% as domestic revenue came up shy of expectations. However, UPS did manage to beat overall top and bottom lines as a surge in shipping of e-commerce orders continued.

 

  • Raytheon Technologies beat earnings and revenue estimates for its latest quarter. The company also raised its full-year forecast, as a recovery in commercial air travel boosted demand for its products and services.

 

  • Tesla almost doubled earnings estimates along with beating revenue estimates and said its success during the 2nd half of the year would center around its ability to navigate supply chain issues.

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