The Dow Jones Industrial Average fell more than 200 points shortly after the market opened. Investors are waiting to see the results of tech giants like Apple, Microsoft and Alphabet, which are scheduled to release results after the market closes today.
At 8:44 p.m. Thai time, the Dow Jones Industrial Average stood at 34,926.86, down 217.45 or 0.62%.
After closing positive for 5 consecutive days, the Dow Jones index fell during the opening day. Amid concerns over Chinese authorities’ control over tech giants and the Federal Reserve’s (Fed) approach to overseeing rising inflation After a period of time, Fed Chairman Jerome Powell expressed his stance on monetary policy easing. He delivered a semi-annual statement on US monetary policy and economic conditions to Congress. The Fed will continue to buy quantitative easing (QE) bonds and will not accelerate interest rate hikes. Even though inflation is rising right now
For companies that disclosed results before the market opened today, United Parcel Service (UPS), a major US parcel delivery company, said. The company’s US core business revenue rose 10.2% in the second quarter, while overseas revenue jumped 30 percent, driven by the strength of its European business.
Second-quarter earnings were $3.06 a share, beating analysts’ expectations of $2.82 a share.
UPS said its second-quarter earnings and revenue were driven by e-commerce, air freight, and freight forwarding. and transporting health goods such as the COVID-19 vaccine.
In addition, the U.S. industrial company posted better-than-expected second-quarter results, with General Electric (GE) reporting earnings of 5 cents per share, beating analysts’ expectations of 3.31 cents. /share. Revenue is 18.28 billion dollars. That’s more than analysts’ estimates of $180.8 billion.
3M posted second-quarter profit of $2.59 a share, higher than analysts’ forecast of $2.29, while revenue was $8.95 billion. That was higher than analysts’ estimates of $8.53 billion.
Honeywell Company International which is a major industrial company in the United States It posted second-quarter profit of $2.02 a share, beating analysts’ expectations of $1.94 a share, while revenue of $8.81 billion. That was well above the $8.64 billion analysts had expected.
Investors are closely watching the earnings of US industrial companies. Because it can indicate an overview of the economy. Even as the United States continues to face the impact of the COVID-19 pandemic. Especially the Delta virus which is spreading heavily now.
In terms of economic data released today, the US Department of Commerce said that US orders for durable goods, such as planes, cars and heavy machinery that last three years or more, rose 0.8 percent in June, less than analysts’ forecast of a 2.1 percent gain. It is the fourth month in a row that durable goods orders have been lower than expected.
However, the Ministry of Commerce has revised the purchase of durable goods in May. It was a 3.2 percent increase from an earlier report of a 2.3 percent gain. Demand for durable goods rose for the 13th month in the past 14 months. reflected that in the overall Durable goods orders remain strong
The S&P CoreLogic Case-Shiller survey showed that the U.S. home price index rose 16.6 percent year-on-year in May. It was the biggest jump in more than 30 years, up from 14.8 percent in April and the 12th straight month of gain.