Stocks pull back from record levels with Big Tech earnings on deck; Nasdaq drops 0.2%: July 28
Stocks declined Tuesday on the heels of another record-setting session, with investors looking ahead to the start of earnings results from mega-cap technology companies on Tuesday. Concerns over the spread of the Delta variant and a regulatory crackdown in China also lingered.
Investors' main focus this week will be on the Federal Reserve's September monetary policy meeting, which will set the stage for more debate around the timing of tapering and the outlook for the economy. Other economic data out this week will focus on the housing sector.
Stocks pushed higher on Wednesday after dropping a day earlier, with a surge in oil prices helping fuel a risk-on move in markets. The move higher came following a drop earlier during the session as new tepid economic data out of China added to concerns over the pace of global growth.
Stocks ended lower on Tuesday to wipe out earlier gains as traders digested a new print on consumer inflation, which showed a slightly slower increase in prices last month.