In the latest turn of events, US stock markets have continued their downward trajectory for the fifth consecutive day. The NASDAQ Composite index slipped nearly 100 points, a decrease of 0.77%, while the S&P 500 and the Dow Jones Industrial Average also followed suit, falling by 25.77 points (0.61%) and 208.87 points (0.63%) respectively.
Dubbed as the "Magnificent 7", tech behemoths Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META), and Alphabet (NASDAQ:GOOGL) are bracing for their earnings release amidst this market downturn. These companies have experienced a decrease in their stock prices ranging between -0.12% and -0.54% in anticipation of their earnings announcements.
Simultaneously, the US debt market is witnessing a surge with the 10-year yields inching towards a 5% rise. This development comes as investors are closely watching for signs of inflation and its potential impact on future interest rates.
In addition to the tech sector, several other major corporations are also slated to announce their earnings this week. These include Phillips, Logitech (NASDAQ:LOGI), Coca-Cola (NYSE:KO), Verizon (NYSE:VZ), General Electric (NYSE:GE), 3M, General Motors (NYSE:GM), Visa (NYSE:V), and Texas Instruments (NASDAQ:TXN). The aviation industry will be closely watched with Boeing (NYSE:BA)'s earnings announcement, while the telecommunications and hospitality sectors will be represented by T-Mobile and Hilton respectively.
As investors prepare for a busy week of earnings reports, market sentiment will likely be influenced by these outcomes amidst ongoing concerns about inflation and potential shifts in monetary policy.
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