NEW YORK, July 27 — US stock indexes retreated from record highs today ahead of earnings reports from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting.
“The markets may be in a sideways, quiet mode until we get some of those results... generally it’s more reactive than it is proactive,” said Randy Frederick, managing director of Trading and Derivatives at Schwab Centre for Financial Research. Frederick said the Fed was likely to stand pat on policy this week but could hint at its plans for tightening during the Jackson Hole Symposium in August.
Of the S&P 500 constituents, 124 companies have reported earnings so far and 88.7 per cent of them have beaten estimates, according to Refinitiv data.
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