“It’s really relative to just pricing against bond yields”, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis.
Eight of the eleven main S&P 500 sectors declined, with more interest rates sensitive Utilities(.SPLRCU) and Real Estate (.SPLRCR) leading losses, dropping 2.3% and 1.4% respectively.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023.
Second-quarter earnings for companies in the S&P 500 are now expected to fall 5% from a year earlier, according to Refinitiv data.
The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 58 new highs and 88 new lows.
Persons:
“ It’s, Tom Hainlin, …, Thomas Barkin, Brendan McDermid, Echo Wang, Shubham Batra, Bansari, Anil D'Silva, David Gregorio Our
Organizations:
PayPal, Qualcomm, Dow, Nasdaq, Treasury, U.S, Bank Wealth Management, Labor Department, Investors, Richmond Federal, Dow Jones, Traders, New York Stock Exchange, REUTERS, PayPal Holdings, Spirit Airlines, NYSE, Thomson
Locations:
Minneapolis, U.S, New York City, New York, Bengaluru