Investor Alert

London Markets Open in:

July 27, 2021, 4:08 p.m. EDT

Nasdaq Composite books worst selling in 2 1/2 months ahead of results from tech giants Apple, Microsoft and Alphabet

U.S. stocks ended lower for the first time in six sessions Tuesday, and the Nasdaq Composite took the brunt of the selling, posting its worst daily decline since mid May ahead of earnings from technology giants Microsoft Corp. (NAS:MSFT) , Apple Inc. (NAS:AAPL) , and Google parent Alphabet Inc. (NAS:GOOGL) . The Nasdaq (NASDAQ:COMP) fell 1.2% to around 14,660, marking its steepest daily drop since May 12; the S&P 500 index (S&P:SPX) declined 0.5% at 4,401, while the Dow Jones Industrial Average (DOW:DJIA) finished off 0.2% at 35,059, all closing levels are on a preliminary basis. The declines on Tuesday come after all three stock benchmarks posted record closes on Monday to start a big week of earnings and an important update in policy from the Federal Reserve due on Wednesday. U.S. stocks have managed to grind higher amid questions about inflation and the spread of the delta variant of COVID-19 and some analysts view Tuesday's retreat as a momentary breather for a turbulent market that retains an overall bullish complexion. The slide in yield-sensitive technology and tech-related names came even as benchmark bond rates pulled back, with the 10-year Treasury note (XTUP:BX:TMUBMUSD10Y) at around 1.24%. Markets were also unsettled by China's crackdown on technology companies domiciled in the region.

Link to MarketWatch's Slice.