The three major stock indexes in New York closed mixed. Although trade negotiations between the United States and the European Union (EU) were finalized, a wait-and-see attitude spread ahead of the earnings reports of major tech firms and the upcoming Federal Open Market Committee (FOMC) regular meeting.
On the 28th (Eastern Time), the Dow Jones Industrial Average closed at 44,837.56, down 64.36 points (0.14%) from the previous session at the New York Stock Exchange (NYSE). The Standard & Poor's (S&P) 500 index rose 1.13 points (0.02%) to finish at 6,389.77, while the tech-heavy Nasdaq Composite Index ended the day up 70.27 points (0.33%) at 21,178.58.
On this day, the S&P 500 and Nasdaq set new closing records, marking their sixth and fourth consecutive days of gains, respectively.
In the early trading session, the New York market showed slight gains due to the signing of a trade agreement between the U.S. and the EU and the possibility of extending the U.S.-China tariff truce, but later in the session, concerns about a 'big week' filled with earnings reports from major corporations grew, leading to a reversal of the gains. Microsoft and Meta Platforms are set to report earnings on the 30th, while Apple and Amazon are scheduled for the 31st.
Additionally, the FOMC regular meeting will take place starting on the 29th, drawing attention to the outcomes. Important economic indicators, such as the Personal Consumption Expenditures (PCE) price index due on the 31st and the July employment report on August 1st, are also on the verge of announcement.
By sector, energy showed the highest increase at 1.15%. This is influenced by the EU's decision to purchase $750 billion (approximately 1.04 trillion won) worth of U.S. energy over three years as part of the trade agreement with the U.S.
While technology rose 0.77% and consumer goods increased 0.69%, sectors such as ▲real estate (-1.75%), ▲finance (-0.67%), ▲utilities (-1.05%), ▲health (-0.83%), and ▲materials (-1.75%) experienced declines.
Chris Larkin, head of trading at Morgan Stanley, noted, "The market will experience its busiest week yet," adding that "this could determine the success or failure of short-term momentum in the stock market."