US Stocks Fall on Iran Talks Uncertainty and Early Rate Hike Expectations

Macro

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Summary · why it matters

US stock markets saw all three major indices decline on the 6th. The Dow Jones Industrial Average closed at 53,885.10, down 464.02 points from the previous day. The Nasdaq ended at 26,348.35, down 15.09 points, and the S&P 500 finished at 7,709.96, down 13.59 points. Rising crude oil prices amid uncertainty over Iran talks were shunned, while Federal Reserve Governor Cook indicated support for a rate hike, and a British newspaper reported that Fed Chair Warsh is prepared to raise rates if inflation accelerates, strengthening expectations of an early rate hike and adding to selling pressure. By sector, telecommunication services and energy rose, while banks fell. Among individual stocks, Ralph Lauren rose after its first-quarter adjusted earnings per share beat estimates and it raised its second-quarter outlook. Hertz Global Holdings was bought as its quarterly loss did not widen as much as expected. Amazon.com edged lower after it was revealed that Bezos sold some of his holdings. Alphabet fell after announcing a bond issuance plan of up to 25 billion dollars. Papa John's declined on weak domestic sales and a lowered outlook. Airbnb reported second-quarter results after the close, with earnings per share beating estimates on strong bookings and a raised third-quarter outlook, and was bought in after-hours trading.