Fundamental analysis
19 July, 2021
Wall Street ended lower on Friday, weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant. On Thursday, Los Angeles County said it would reimpose its mask mandate this weekend. On Friday, public health officials said U.S. coronavirus cases were up 70% over the previous week, with deaths up 26%. Amazon, Apple and Nvidia all fell and were among the stocks that contributed most to the S&P 500 and Nasdaq’s declines. The S&P 500 technology sector index dipped for a second session after hitting a record on Wednesday. This week, investors have balanced worries about a recent inflation spike with reassurances from Fed Chair Jerome Powell that the surge in prices is temporary. Second-quarter earnings season picks up next week, with reports from companies including Netflix, Johnson & Johnson, Verizon Communications, AT&T and Intel. Analysts on average expect 72% growth in earnings per share for S&P 500 companies, according to IBES estimate data from Refinitiv.
