US stocks fall as markets fret ahead of Q2 reports - RTHK
A A A
Temperature Humidity
News Archive Can search within past 12 months

US stocks fall as markets fret ahead of Q2 reports

2022-06-28 HKT 05:30
Share this story facebook
  • The major US stock indexes lost ground. Photo: AFP
    The major US stock indexes lost ground. Photo: AFP
US stocks closed lower on Monday, with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.

The major US stock indexes lost ground after oscillating earlier in the session. Weakness in interest rate-sensitive megacaps such as Amazon, Microsoft and Alphabet caused much of the drag.

"The reason for lack of direction this week and next week is investors are looking for what’s going to happen in the second quarter reporting period," said Sam Stovall, chief investment strategist of CFRA Research in New York.

All three indexes are on course to notch two straight quarterly declines for the first time since 2015. They also appear set to post losses for June, which would mark three consecutive down months for the tech-heavy Nasdaq, its longest losing streak since 2015.

The Dow Jones fell 0.2 percent to 31,438, the S&P 500 lost 0.3 percent, to 3,900, and the Nasdaq dropped 0.8 percent to 11,514. All three indexes are on course to notch two straight quarterly declines for the first time since 2015.

Shares of retail stock trading platform Robinhood rose 14.0 percent after media reports said Goldman Sachs changed the stock to "neutral" from "sell". (Reuters)