US Market Sees Minor Declines as Apple Beats Expectations, Amazon Soars, and Airbnb Falls Short of Growth Targets
The US stock market closed with mild losses yesterday as investors faced selling pressure. However, there were some notable developments in the US earnings scorecard. Tech giant Apple surpassed expectations in both earnings and sales. Despite this positive news, Apple’s stock dipped by two percent after the Chief Financial Officer revealed that revenue is likely to decline in the September quarter.
On the other hand, e-commerce giant Amazon saw strong earnings, causing its stock to surge by nine percent. The company not only reported better-than-expected profits but also provided positive guidance, further boosting investor confidence.
However, the home-sharing platform Airbnb experienced a setback as it revealed that its bookings for both accommodations and experiences grew at a slower rate than anticipated. This news fell short of market expectations.
Market participants are eagerly anticipating the release of US jobs data today, as it provides insights into the strength of the labor market and the overall economy. Economists surveyed by Dow Jones are expecting nonfarm payrolls to grow by 200,000 in July.
As the stock market grapples with minor losses over the past two days, the big question remains whether there will be a bounce-back in the near future. Investors are closely monitoring market trends and evaluating potential buying opportunities amid the recent dips.
Additionally, recent data shows that foreign institutional investors (FIIs) reduced their selling activity with sales of Rs 317 crore, while domestic institutional investors (DIIs) bought Rs 1,729 crore worth of stocks. This indicates a more balanced investment landscape.
In terms of upcoming earnings reports, State Bank of India (SBI), Mahindra & Mahindra (M&M), Britannia, and BHEL are set to announce their financial results today. Meanwhile, Eicher Motors has already reported strong earnings, beating expectations from top to bottom.
To summarize, the US stock market faced mild losses, with attention now turning to the release of US jobs data for further insight into the country’s labor market and overall economic strength. While Apple and Amazon delivered positive earnings results, Airbnb fell short of growth targets. The question remains whether the market will rebound after the recent decline, creating potential buying opportunities. Foreign institutional investors reduced selling activity, while domestic institutional investors increased their buying activity. As earnings reports continue to roll in, investors are looking for signs of strength and resilience in company performances.
