Nasdaq ends six-day streak of records
Traders working on the floor of the New York Stock Exchange, in New York City.
NEW YORK - The Nasdaq retreated from a record on July 22 on a mixed day for stocks as markets looked ahead to upcoming earnings reports from Google parent Alphabet and Tesla.
The two reports on July 23 are the first of Wall Street's 'Magnificent Seven' equities to report this season. The group was mixed, with drops in Nvidia and other semiconductor equities consistent with profit taking after earlier gains, analysts said.
The tech-rich Nasdaq fell 0.4 per cent to 20,892.69, snapping a six-day streak of record high finishes.
But the broad-based S&P 500 edged up 0.1 per cent to 6,309.62, finishing at a record, while the Dow Jones Industrial Average climbed 0.4 per cent to 44,502.44.
Mr Art Hogan, of B. Riley Wealth Management, described the market as in a 'wait and see' mode ahead of earnings from the most influential equities.
Stocks are priced for perfection, Hogan added.
'It's a difficult earnings season where expectations are really low but stocks are already priced very high,' he said.
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Among individual companies, General Motors dropped 8.1 per cent despite reporting better than expected quarterly earnings. While the automaker confirmed its full-year forecast, it said profitability in the second half of 2025 would lag the first part of the year, in part due to the increased impact of tariffs.
Lockheed Martin was another big loser, shedding 10.8 per cent after its results were dented by around US$1.7 billion (S$2.1 billion) in one-time costs.
But DR Horton surged 17 per cent after the homebuilder's results topped estimates. Briefing.com said the homebuilder's earnings outperformed competition, establishing it as 'a potential leader in navigating the challenging housing market.' AFP
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