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US stocks trending downward as investors await Apple, Microsoft, Alphabet results
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U.S. equity futures are trading lower ahead of the Tuesday trading session on Wall Street, a day when three tech titans – Apple, Microsoft, and Google parent Alphabet – will post quarterly results after the closing bell.
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On Monday, Wall Street's benchmark S&P 500 index rose to a new record, shrugging off worries about the spread of the coronavirus's more contagious Delta variant.
Investors awaited the Fed report Wednesday for signs of the central bank's level of concern about inflation and when it might start rolling back easy credit and other economic stimulus. Minutes of the Fed meeting in June showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system.
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"We expect Jay Powell to reiterate that the tapering discussion is underway, but that it’s too soon to reveal a specific date," Danielle DiMartino Booth of Quill Intelligence said in a report.
On Wall Street, the S&P 500 rose 0.2% to 4,422.30. The Dow Jones Industrial Average gained or 0.2% to 35,144.31. The Nasdaq composite added less than 0.1% to 14,840.71.
Cruise lines, hotels and retailers were among the winners. Carnival rose 5.5%, Caesars Entertainment added 3.3% and Gap rose 3%. Among stocks that lost ground: Drug maker Moderna slid 3.7% and chipmaker Nvidia fell 1.4%.
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