Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.35%, 0.16%, and 0.14%, respectively. On Tuesday, the National Association of Realtors released its U.S. Existing Home Sales report, which measures the change in sales of existing residential buildings during the previous month on an annualized basis. Existing home sales came in at 3.89 million for the month of June, below the expected 3.99 million.
As a result, existing home sales decreased month-over-month by 5.4% after a 0.7% drop in the previous report. Indeed, existing home sales have increased only five times in the past 24 months as higher interest rates continue to make homeownership difficult.
First Published: 5:01 AM EST
U.S. futures inched lower on Tuesday morning as investors looked ahead to several key corporate earnings, scheduled for release today. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.46%, 0.28%, and 0.14%, respectively, at 4:27 a.m. EST, July 23.
In yesterday’s trading session, all three major indices closed higher due to strong gains in the mega technology stocks, including Nvidia (NVDA), Tesla (TSLA), Microsoft (MSFT), AMD (AMD), and Meta Platforms (META). On Monday, the Dow Jones, the S&P 500, and the Nasdaq Composite gained 0.32%, 1.08%, and 1.58%, respectively.
In major stock market action, shares of CrowdStrike (CRWD) declined 13.5% yesterday due to Friday’s tech outage. Further, Verizon (VZ) fell 6.1% following the release of mixed Q2 results.
Turning to today’s earnings calendar, Coca-Cola (KO), Comcast (CMCSA), General Motors (GM), Spotify (SPOT), and United Parcel Service (UPS) will release earnings before the market opens. Further, technology giants Alphabet (GOOGL) and Tesla (TSLA), along with toymaker Mattel (MAT), will report after the bell. On the economic front, U.S. existing home sales data will be made public today.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.24%. At the same time, WTI crude oil futures trended lower, hovering near $78.32 per barrel as of the last check.
Elsewhere, European indices opened muted today as traders shifted focus to a busy corporate earnings week.
Asia-Pacific Markets Closed Lower Today
Most of the Asia-Pacific markets ended the trading day lower. Concerns over China’s economy and a rise in Hong Kong’s annual inflation rate dampened investors’ sentiment.
Hong Kong’s Hang Seng and Japan’s Nikkei indices were down 0.94% and 0.01%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices closed lower by 1.65% and 2.97%, respectively. However, Japan’s Topix index rose by 0.21%.
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