US stocks retreat from record highs ahead of mid-week Fed meet



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US stocks retreat from record highs ahead of mid-week Fed meet

On Monday, the 29th of July 2019, a majority of US stock indices had backed off of their all-time record closures, as investors appeared to be taking a breather ahead of an anticipated interest rate cut by the US Central Bank, meanwhile staring at the stars for further directions in context of a growing pessimism between Washington and Beijing.

Besides, addressing cautions over scales and impacts of an interest rate-cut, a senior investment strategist for Allianz Investment Management in Minneapolis, Charlie Ripley said, “(The Fed is) looking ahead and they know there’s increased downside risks around trade and supply lines.

What they want to do is sustain the economic expansion, and one way to do that is an insurance rate cut in the event the economy slows down more than expected”. Quoting statistics, on Monday’s (July 29th) market closure, Nasdaq jolted 0.44 percent to 8,293.33, while nosedives of tech heavyweights likes of Amazon.com Inc.

and Facebook Inc. had weighed heavily on Nasdaq. Amazon.com Inc. shrugged off 1.57 percent to $1,912.45 and Facebook Inc. curbed 1.91 percent to $195.94 on Monday’s (July 29th) market wind down, as investors appeared to have engaged on banking profits following last week’s record highs ahead of a high-stake Fed meet, scheduled to take place between July 30th-July 31st.

Meanwhile, looming uncertainties circulating around a resumption of Sino-US trade talk, which had shown little progress so far, sapped 0.16 percent of S&P 500 to 3,020.97, while Dow managed to mead a modest gain of 0.11 percent to 27,221.35 on Monday’s (July 29th) market wind down.