US Shares mostly gains ahead of Fed meeting, GDP data

26 Jul 2022 , 09:51 AM

The US shares were mostly higher in choppy trading on Monday, 25 July 2022, with the Dow and the S&P500 indexes closing session above the neutral line, while the Nasdaq finished with a loss, as investors awaited this weeks GDP data and Federal Reserve Reserves monetary policy announcement. At the close of trade, the Dow Jones Industrial Average index advanced 90.75 points, or 0.28%, to 31,990.04. The S&P500 index was up 5.21 points, or 0.13%, to 3,966.84. The tech-heavy Nasdaq Composite Index decreased by 51.45 points, or 0.43%, to 11,782.67. Investors focus is now on the Fed meeting and second-quarter U.S. gross domestic product data this week. The Feds rate announcement on 27th July is not likely to impact the market much since a 75 bps rate hike is already known and discounted by the market. The market will be keenly watching the Fed commentary for near-term triggers. Investors also look ahead to data on consumer confidence, new home sales, durable goods orders, second quarter GDP and personal income and spending, due during the course of this week. Shares of information technology companies struggled for direction, continued to be weighed down by weak earnings update from Snap last week. Shares of Microsoft, Meta Platforms, Apple and Alphabet all closed in negative territory. Energy stocks fared well as crude oil prices moved up sharply. Chevron climbed nearly 3%. Marathon Oil, APA, and Diamondback Energy also ended notably higher. Shares of Newmont Mining Corp plunged nearly 14% after quarterly earnings fell short of expectations. The companys earnings came in at $387 million compared with $650 million in last years second quarter. Among Indian ADR, Tata Motors fell 0.64% to $28.01, WNS Holdings fell 4.2% to $81.36, INFOSYS fell 1.7% to $18.56, Dr Reddys Labs fell 1.9% to $54.24, and Azure Power Global fell 1.57% to $11.30. Wipro added 0.8% to $5.18 and HDFC Bank added 0.92% to $59.15. ICICI Bank unchanged at $20.08, Powered by Capital Market – Live News