British & US Equities Traded Lower Ahead of Federal Reserve Meeting

US Markets: Broader indices in the United States traded marginally in red - particularly, the S&P 500 index traded 42.70 points or 0.97 per cent lower at 4,379.60, Dow Jones Industrial Average Index declined by 234.83 points or 0.67 per cent lower at 34,909.48, and the technology benchmark index Nasdaq Composite traded lower at 14,559.90, down by 280.80 points or 1.89 per cent against the previous day close (at the time of writing – 12:10 PM ET).

US Market News: The major indices of Wall Street traded in a red zone as investors waited for the crucial Federal Reserve’s policy meeting. Among the gaining stocks, F5 Networks (FFIV) shares surged by about 6.55% after the Company had posted strong quarterly earnings and revenue boosted by pandemic-induced growth in digital business applications. General Electric (GE) shares went up by about 1.24% after the Company reported a positive cash flow for the second quarter. Among the declining stocks, Intel (INTC) shares dropped by about 3.25% after the Company set out a multi-year revival plan to regain lost market share. Tesla (TSLA) shares went down by around 2.68%, even after the Company’s second-quarter earnings came out to be more than the consensus estimates.

UK Market News: The London markets traded in a red zone due to the weak performance of the mining stocks. According to the Confederation of British Industry (“CBI”), UK retail sales had witnessed a marginal drop in July 2021.

FTSE 100 listed Reckitt Benckiser Group shares plunged by about 8.32% after the Company reported a net loss during the first half as it wrote down the value of the Infant Formula and China Nutrition assets.

Moonpig Group shares dropped by around 10.12% after the Company had warned regarding a drop in sales as Covid-19 restrictions got relaxed. Nonetheless, the Company had reported a significant jump in revenue and profitability during FY21.

Ascential had raised around 153 million pounds to strengthen the balance sheet.  Furthermore, the shares went down by around 6.29%.

Croda International shares climbed by around 6.33% after the Company had reported a significant jump in revenue and profit during H1 FY21. Moreover, the Company also stated that the annual profit would remain ahead of the expectations.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 27 July 2021)

1 Year FTSE 100 Chart (Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group Plc (LLOY); Vodafone Group Plc (VOD); Rolls-Royce Holdings Plc (RR.).

Top 3 Sectors traded in green*: Industrials (+0.32%), Real Estate (+0.26%) and Utilities (+0.25%).

Top 3 Sectors traded in red*: Financials (-0.96%), Consumer Cyclicals (-0.76%) and Consumer Non-Cyclicals (-0.46%).

London Stock Exchange: Stocks Performance (at the time of writing)

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $73.45/barrel and $71.53/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,800.75 per ounce, up by 0.09% against the prior day closing.

Currency Rates*: GBP to USD: 1.3891; EUR to GBP: 0.8518.

Bond Yields*: US 10-Year Treasury yield: 1.239%; UK 10-Year Government Bond yield: 0.5590%.

*At the time of writing

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