AllMarket Update
logoArgusJuly 30, 2021

Market Update: ADS, THRM, CAKE, CME, MSFT, NOV, RSG, TROW, MA

Sector(s)
Financial Services, Energy, Technology, Industrials, Consumer Cyclical
Summary

Stocks fell on Friday morning amid earnings from a range of major companies and new consumer spending data. The Commerce Department said that U.S. consumer spending rose 1.0% in June, up from a 0.1% decline in May and above the Reuters consensus forecast calling for 0.7% growth. The core personal consumption expenditures price index (PCE) rose 3.5% from the prior year in June, up from 3.4% in May but below the consensus forecast of 3.7%. Amazon shares fell more than 7%, despite strong earnings, on weaker-than-expected 2Q revenue and disappointing sales guidance for the current third quarter. The Dow fell 0.4%, the S&P 0.6%, and the Nasdaq 0.8%. Crude oil traded near $74 per barrel, while gold fell $11 to $1825 per ounce.

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