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Market: Stocks down ahead of Apple results, Fed meeting

US stock market opened lower today as seen from major index futures as investors await the Federal Reserve’s policy update and Apple (AAPL) earnings later in the day. Also, the dollar turned mixed against most major currencies. In the bond market, yields rose during the morning trade as Fed meeting is expected to discuss the current state of the economy and monetary policy.

The S&P 500 index declined 0.49% to 2,634.97, Dow 30 fell 1.08% to 23,903.39 and Nasdaq inched down 0.10% to 7,059.30. Most of the markets in Asia and Europe remained closed for Labor Day holiday.

On April 30, US ended lower, with Dow down 0.6% to 24,163.15. Nasdaq declined 0.8% to 7,066.27, and the S&P 500 fell 0.8% to 2,648.05.

U.S. stock market snapshot
U.S. stock market snapshot

On the economic front, investors remained negative after the Institute for Supply Management’s report announced a decline in the national factory activity during April. National factory activity index dipped to 57.3 in April from 59.3 in March. Manufacturing new orders slid to 61.2 from 61.9 in March, while manufacturing prices index rose to 79.3 from 78.1.

A Commerce Department report showed that construction spending fell 1.7% in March after rising 1% in February, and construction spending residential declined 3.5% in March after rising 1.3% in February. An MNI Indicators report showed that Chicago business barometer rose to 57.6 in April from 57.4 in March.

On the earnings front, Shopify (SHOP) stock fell 9.80% despite upbeat first-quarter results. Under Armour (UAA) stock slid 3.31% after a wider first-quarter loss. Pfizer (PFE) stock dropped 3.97% after first-quarter revenue missed Street’s expectations. Merck (MRK) stock declined 1.29% as first-quarter earnings plunged 52% due to the charge associated with Eisai collaboration. Seagate Technology (STX) tumbled 10.50% after third-quarter earnings missed consensus.

Today’s notable after-market earnings announcements include: Apple (AAPL), Snap (SNAP), Gilead Sciences (GILD), Juniper Networks (JNPR), T-Mobile US (TMUS), Rigel Pharmaceuticals (RIGL), Jack Henry & Associates (JKHY), Western Union (WU), Anadarko Petroleum (APC), Tenet Healthcare (THC), and Fiserv (FISV).

Crude oil future is down 1.59% to $67.48. Gold is trading down 1.15% to $1,304, and silver is down 1.59% to $16.14. On the currency front, the US dollar is trading up 0.48% at 109.787 yen. Against the euro, the dollar is down 0.76% to $1.1986. Against the pound, the dollar is down 1.22% to $1.3596.

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