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FRI, JUL 16, 2021

EVENING BRIEF

AS OF FRI, JUL 16, 2021 • 05:04 ET

DJIA		34687.85
		-0.86%	-299.17

S&P 500		4327.16
		-0.75%	-32.87

NASDAQ		14427.24
		-0.80%	-115.90

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	146.39	-2.09	-1.41%
MSFT	280.75	-0.28	-0.10%
INTC	54.97	-0.84	-1.51%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	146.39	-2.09	-1.41%
BAC	37.92	-0.91	-2.34%
F	13.61	-0.40	-2.86%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	146.39	-2.09	-1.41%
MRNA	286.43	+26.75	+10.30%
AMD	85.89	-1.04	-1.20%

EDITOR'S NOTE

The major U.S. stock indexes closed lower on Friday, with each one snapping a three-week win streak, as continued inflation fears overshadowed a strong start to second-quarter earnings reports.

The Dow Jones Industrial Average lost 299.17 points, or 0.8%, to close at 34,687.85. The S&P 500 dipped 0.7% to 4,327.16, and the Nasdaq Composite shed 0.8% to 14,427.24.

A preliminary consumer sentiment reading for July from the University of Michigan showed one-year inflation expectations reaching 4.8%, the highest level since 2008. Consumer sentiment fell sharply from the previous month and was worse than expected by economists.

Andrew Hunter, senior U.S. economist at Capital Economics, said the dent in consumer sentiment seemed mismatched with recent signs of economic resilience, but the report "suggested that concerns over surging inflation are now outweighing those positive trends."

The market's top performing sector in 2021 pushed into correction territory on Friday, as the Energy Select Sector SPDR fund shed more than 2%. Nevertheless, the fund is up about 28% for the year.

While technology stocks appeared back in favor earlier this week, those shares fell Friday and weighed on the market. Shares of Apple closed 1.4% lower after notching records earlier this week. Netflix shares also fell ahead of the streaming giant's second-quarter earnings report next week.

Speaking of earnings, the first major week of second-quarter financial reports saw stellar results with most companies beating Wall Street's earnings expectations. However, investors appeared to brush off these wins.

The Financial Select Sector SPDR Fund fell 1.6% this week despite beats posted by the likes of JPMorgan Chase and Morgan Stanley.

"Good earnings might have become an excuse for some investors to take profit. And with earnings expectations so high in general, it takes a really big beat for a company to impress," JJ Kinahan, TD Ameritrade chief market strategist, said.