[New York Stock Market] Mixed Trends Ahead of FOMC... Dow Rises for 10 Consecutive Days

On the 11th (local time), traders were working at the New York Stock Exchange (NYSE) in the United States. [Image source=Yonhap News]

The New York stock market showed mixed results ahead of next week's Federal Open Market Committee (FOMC) regular meeting. However, the Dow Jones Industrial Average rose for the 10th consecutive day.

On the 21st (Eastern Time), at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 35,227.69, up 2.51 points (0.01%) from the previous session.

The Standard & Poor's (S&P) 500 index rose 1.47 points (0.03%) to 4,536.34, while the Nasdaq index closed down 30.50 points (0.22%) at 14,032.81.

The Dow rose for 10 consecutive trading days through this session, marking the longest streak since August 2017.

This week, the Dow increased by about 2%, the S&P 500 rose approximately 0.7%, and the Nasdaq fell about 0.6% during the same period.

Stocks of companies that reported earnings on this day were generally weak.

Railroad transportation company CSX reported sales below expectations due to a slowdown in shipments, causing its stock to fall nearly 4%. American Express shares also dropped nearly 4% after operating income fell short of forecasts. Auto sales company AutoNation's stock fell more than 12% despite better-than-expected earnings, amid concerns over declining profit margins.

Following disappointment over Tesla and Netflix earnings the previous day, related stocks declined, raising renewed concerns about corporate earnings in the second half of the year.

Investors are particularly awaiting the Federal Reserve's July FOMC regular meeting next week. While it is almost certain that the Fed will raise the benchmark interest rate by 0.25 percentage points at this meeting, investors are closely watching whether the Fed will signal an end to rate hikes.

New York market experts said that if there are no major downward revisions in earnings, expectations for a soft economic landing will increase. However, since earnings reports from more than half of the companies by market capitalization will be released next week, they expect to better confirm the overall trend.