All three major key indices of Wall St. had closed out the session lower on Tuesday, extending a latest leg of losses on late-afternoon US trading hours over concerns on third-quarter earnings, however, a giant leap in Tesla Inc shares following record China-made vehicle sales in September helped keep a lid on the losses.
Aside from third quarter earnings’ season, Minutes from September 21-22 US Fed policy meets alongside US Consumer Prices data scheduled to be released on Wednesday, added to further investors’ caution, as the latest FOMC minutes report would likely to illustrate on when the US Federal Reserve could start off a tapering of fiscal support for the economy.
All three key indices of Wall Street had rounded off in red inks with healthcare and industrials leading the tally of losses as beforementioned, as a blistering upsurge in energy prices across the globe with China coal prices hitting records as floods had shut down outputs of major coal mines, had clouted outlook for major manufacturers.
Besides, ahead of JPMorgan Chase & Co Q3, 2021 earnings’ report scheduled to be released on Wednesday, the leading US lender had toppled 0.8 per cent on Tuesday, while S&P 500’s bank sub-indices edged 0.6 per cent lower.
Wall St. edges lower ahead of FOMC Minutes, CPI data
Citing statistics, on Tuesday’s Wall St. closing bell, trade-sensitive Dow ended 0.34 per cent lower to 34,378.34 and benchmark S&P 500 shed 0.24 per cent to 4,350.65, while tech-heavy Nasdaq soured 0.14 per cent to 14,465.93.
Meanwhile, adding that a majority of Wall Street analysts were anticipating a strong US profit growth over July to September quarter, a managing director of equity trading Wedbush Securities in Los Angeles, Michael James, said, “For the most part, institutional portfolio managers are of the view - let's see what earnings look like and how much of a negative impact is being seen from shortages, higher rates and supply chain bottlenecks. A lot of those factors are currently reflected where equity prices are now. ”