US Stocks Assess Corporate Results, Forex Eyes BOJ
US stocks have fluctuated near all-time highs today and then retreated a bit amid a mix of corporate results as investors await data Friday on the strength of the US economy, while stimulus bets influenced global currency markets ahead of the Bank of Japan’s (BOJ) policy meeting.
By Paolo Palazzi-Xirinachs
Thursday, July 28, 2016
Near 2:00 PM EST, the Dow Jones Industrial average had fallen 0.4%, and the S&P 500 was also down 0.17%. The Nasdaq, on the other hand, had risen 0.02%. Facebook shares rose 1.9%. as the social networking company reported earnings that more than doubled from a year earlier, topping analysts’ views, as well as a 15% rise in monthly users. Investors will get results from Google’s parent company, Alphabet, and Amazon after the market close today.
In other market movers, Whole Foods Market fell 8.9% after it reported that sales declined last quarter, as the company faces more competition from other supermarkets that have been increasing their organic produce options. And, Ford shares lost 9.6% after the company reported a 9% drop in profit as sales slowed in the United States and struggled in China. The company warned that its full-year guidance might need to be cut.
Investors are also hoping for fresh stimulus efforts from the Bank of Japan, which is expected to vote Friday on expanding monetary policy measures aimed at reviving sputtering growth. The Japanese prime minister, Shinzo Abe, has announced 28 trillion yen ($266 billion) in extra government spending to encourage growth, but details are uncertain.
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