New York Stocks: Investors Check Out Before The Weekend | 07/30/21

NEW YORK (awp international) – After recent record highs, US stock markets lost some ground on Friday. The Dow Jones Industrial was last listed 0.33 percent lower at 34,967.28 points. This indicates a weekly loss of around 0.3 percent for the US benchmark index. The market-wide S&P 500 fell on Friday by 0.39 percent to 4401.79 points. The Nasdaq 100 fell 0.48 percent to 14,975.59 points.

Fresh US economic data had little impact on the quotes. After a weaker month in the previous month, consumer spending developed robustly again in June. In addition, labor costs increased less than expected in the second quarter. The business climate in the Chicago region surprisingly brightened in July. By contrast, the US consumer climate clouded over in July, albeit not quite as much as previously thought.

Among the individual stocks, the shares of Amazon were clearly the focus of investor interest and fell 6.9 percent. Although the group continued to benefit from the trend towards online shopping and booming cloud services in the second quarter, the momentum is gradually waning. Slower growth and higher investments would come in the second half of the year to the Internet retailer, wrote about JPMorgan analyst Douglas Anmuth and capped his price target.

The titles on Pinterest collapsed by almost 19 percent. The photo app had missed market expectations in terms of user numbers in the past quarter.

Procter & Gamble gained 2.4 percent. The consumer goods group made another final spurt at the end of its 2020/21 financial year, but higher raw material costs nibbled on the gross profit margin, which fell in the final quarter.

Quarterly reports also came from the two oil companies Chevron and ExxonMobil, whose stocks fell 1.1 and 2.5 percent respectively. Exxon surprised positively with higher than expected earnings per share and Chevron was in the black again in the second quarter.

The Deutsche Telekom subsidiary T-Mobile US gained many new customers in the past quarter and increased its profit significantly. In addition, Mike Sievert’s management raised the annual forecast slightly. The share did not benefit from this, however, and has recently stagnated. However, it had only reached a record high in mid-July./edh/he

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