Stocks - Nasdaq Opens Lower as Tech Stocks Fall

Jul 30, 2018

Wall Street trading was mixed on Monday, as technology stocks dragged on the Nasdaq and investors digested earnings results.

The S&P 500 fell 3 points, or 0.12%, to 2,815.38 as of 9:41 AM ET (13:41 GMT) while the Dow increased 18 points, or 0.07%, to 25,470.02 and the tech-heavy Nasdaq Composite lost 39 points, or 0.51%, to 7,698.18.

Investors are looking ahead to a flurry of central bank decisions this week. The Federal Open Market Committee (FOMC) meets on Tuesday and Wednesday, with a policy decision scheduled for Wednesday afternoon. Meanwhile, the Bank of Japan ends its two-day meeting on Tuesday and the Bank of England is expected to make a policy decision on Thursday.

Caterpillar (NYSE:CAT) rose 1.12% after its earnings results came in better than expected. Chegg (NYSE:CHGG), Heineken (OTC:HEINY) , AK Steel (NYSE:AKS) and others are also expected to report their earnings after the closing bell.

AT&T (NYSE:T) rose 1.74%, while Advanced Micro Devices (NASDAQ:AMD) was up 3.46% and Bank of America (NYSE:BAC) increased 0.82%.

American Express (NYSE:AXP) fell 2.21% after the Wall Street Journal reported that the company increased currency conversion rates without telling customers.

Meanwhile, technology stocks were down. Twitter (NYSE:TWTR) fell 2.81%, while Facebook (NASDAQ:FB) was down 1.26%, (NASDAQ:AMZN) slumped 1.12% and Apple (NASDAQ:AAPL) dipped 0.30%,

In Europe, stocks were up. Germany’s DAX surged 44 points, or 0.35%, while in France the CAC 40 increased 14 points, or 0.27%, and in London, the FTSE 100 was up 41 points, or 0.54%. Meanwhile the pan-European EURO STOXX 50 gained 13 points, or 0.38%, while Spain’s IBEX 35 rose 65 points, or 0.67%.

In commodities, Gold futures fell 0.24% to $1,222.70 a troy ounce, while crude oil futures rose 2.4% to $70.31 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.10% to 94.48.