U.S. stocks fell Tuesday, pulling major indexes back from record levels, ahead of quarterly results from some of the most prominent names in the technology sector and as a Chinese regulatory crackdown appeared to dampen the investing mood on Wall Street
What’s driving the market? Stocks slumped as investors worried about a selloff in Hong Kong’s Hang Seng Index, which has put pressure on risk assets around the globe. The Hang Seng HK:HSI ended 4.2% lower in Asian trade, marking its second consecutive drop of more than 4%, amid China’s regulatory crackdown on technology stocks.
The “two big factors” over the course of the next week remain “earnings reports and what we hear from the Federal Reserve,” said Bill Northey, senior investment director at U.S. Bank Wealth Management, in an interview, adding that “this is against a backdrop of a very strong economic recovery” that was underscored by a strong July consumer-confidence reading Tuesday morning.
“This crackdown on private businesses from China is significantly denting market sentiment despite a better-than-expected earnings season so far,” said Pierre Veyret, technical analyst at ActivTrades.Meanwhile, the Federal Reserve was due to kick off its two-day policy meeting.
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