U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Basic Materials and Consumer Services sectors led shares lower.
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The best performers of the session on the Dow Jones Industrial Average were Procter & Gamble Company (NYSE:PG), which rose 0.98% or 1.37 points to trade at 140.53 at the close. Meanwhile, The Travelers Companies Inc (NYSE:TRV) added 0.52% or 0.81 points to end at 156.39 and Amgen Inc (NASDAQ:AMGN) was up 0.51% or 1.27 points to 247.90 in late trade.
The worst performers of the session were Dow Inc (NYSE:DOW), which fell 3.09% or 1.91 points to trade at 60.00 at the close. Chevron Corp (NYSE:CVX) declined 2.65% or 2.68 points to end at 98.62 and Walt Disney Company (NYSE:DIS) was down 2.64% or 4.87 points to 179.28.
Wall Street Week Ahead: US small caps waver as reflation trade wobbles
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Last Updated: Jul 17, 2021, 10:03 AM IST
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Synopsis
The Russell 2000 index, which tracks smaller companies, has underperformed the S&P 500 in each of the last four months. Investors pulled nearly $108 million out the iShares Russell 2000 index exchange traded fund during the week that ended July 14, the third straight week of outflows that combined to total nearly $965 million and represent the ETF s longest losing streak since April.
AP
Overall, the Russell 2000 should post a 50% growth in earnings over the 2021 fiscal year, compared with a 44% earnings growth in the large-cap S&P 500, according to Jefferies.
Fed s Powell legitimately undecided on central bank digital currency
Reuters | Jul 15, 2021 03:54 PM EDT
Federal Reserve Chairman Jerome Powell takes his seat to testify before a Senate Banking, Housing and Urban Affairs Committee hearing (Photo : REUTERS/Kevin Lamarque)
Federal Reserve Chair Jerome Powell on Thursday said he had not made up his own mind on the pros and cons of a central bank digital currency, but he would want authorization from Congress before taking any action to create one. I am legitimately undecided on whether the benefits outweigh the costs or vice versa, Powell said during a hearing before the Senate Banking Committee when asked to clarify his position on what is emerging as a thorny issue for the U.S. central bank.
US banks post record second-quarter profits as millions face social disaster
US banks this week released their second-quarter earnings, showing record second-quarter profits as large sections of the working class continue to struggle to survive on meager unemployment benefits while searching unsuccessfully for well-paying and safe work.
The logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Goldman Sachs had the second-best quarterly profit in the firm s history in the quarter ended in June. (AP Photo/Richard Drew)
Ultra-loose monetary policies enacted by the Federal Reserve, first under former president Donald Trump and continued under Joe Biden, resulted in major banks Goldman Sachs, Wells Fargo, Bank of America, Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. posting a combined $42.17 billion profits in the April-June period.
[The stream is slated to start at noon ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell is speaking Wednesday to members of the House Financial Services Committee. The central bank leader will provide an update on monetary policy and the Fed’s economic views as part of.