The three major stock indices in New York ended lower. As trade agreements between the United States and major countries followed one after another, optimism waned, compounded by the upcoming Federal Open Market Committee (FOMC) meeting and the impending decision on the benchmark interest rate.
On the 29th (Eastern Standard Time), the Dow Jones Industrial Average closed at 44,632.99, down 204.57 points (0.46%) from the previous session on the New York Stock Exchange (NYSE). The Standard and Poor's (S&P) 500 index fell by 18.91 points (0.3%) to 6,370.86, while the tech-heavy Nasdaq Composite Index finished 80.29 points (0.38%) lower at 21,098.29.
Howard Lutnick, the U.S. Secretary of Commerce, noted in a press interview that "the trade negotiations will be finalized by this Friday (Aug. 1)," emphasizing that "that day has been set as the day to determine all tariff rates, and after that, full implementation will begin."
The FOMC began its regular meeting, which is set to last two days. Attention is focused on the decision of Adriana Kugler, a member of the Federal Reserve (Fed), who is categorized as a cautious advocate for interest rate cuts, as she is reportedly absent from the meeting.
By sector, utilities and real estate rose by more than 1%, while industry fell by more than 1%.
In particular, major technology companies with market capitalizations of over $1 trillion generally showed a downward trend. Meta Platforms fell by more than 2%, while Nvidia, Apple, Amazon, and Tesla experienced declines around 1%.
Boeing, the largest aircraft manufacturer in the U.S., saw its stock price drop by more than 4% despite improved performance in the second quarter. As the stock price had already risen nearly double compared to the low point in mid-April due to expectations of improvement, it seems to have entered a selling phase following the announcement.
Jay Woods, chief global strategist at Freedom Capital Markets, said, "It's time to focus on individual stocks," adding, "The entire market should keep an eye on the Federal Reserve's policy direction."