The main stock indices experienced a decline in the current week, with the S&P 500 and NASDAQ slipping by approximately 1% and the Dow falling nearly 2%. The upcoming earnings season, starting this week with major banks reporting their second-quarter results is anticipated with low expectations.
Analysts surveyed by FactSet projected an average earnings decrease of 7.2% for S&P 500 companies compared to the same period last year. This forecasted decline marks the most significant drop in earnings since the second quarter of 2020.
Reviewing the US Stock Markets, the Nasdaq Composite, recorded a decent drop of 127 points, reaching a closing value of 13,660 points by the end of the week. Similarly, the S&P 500 index showed a negative trend, losing 52 points to settle at 4,398 points. Meanwhile, DJIA Index experienced a notable surge, dropping by 673 points during the week and concluding at 33,734 points after a week of loss.
In contrast, Russell 3000 Index saw a fall in week performance, with a damage of 29 points to reach 2,525 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable lost of 24 points, ending the week at a steady 1,864 points.
