US Stocks decline as investors await Jerome Powell’s testimony: US Stock Updates

US Stocks :- Stocks in the United States fell on Tuesday as investors awaited the testimony of Federal Reserve Chairman Jerome Powell in Congress and profit-booking.

At 4,388.71, the S&P 500 lost 20.88 points, or 0.47 percent. At 34,053.87, the Dow Jones Industrial Average lost 245.25 points, or 0.72 percent.

At 13,667.29, the Nasdaq Composite lost 22.28 points, or 0.16%.Market for bonds The 10-year Treasury yield decreased from 3.77% late on Friday to 3.71 percent. The 2-year yield dropped from 4.72 percent to 4.68 percent.

Also Read :- US Financial Updates

Currencies The US dollar fell from 141.96 to 141.37 Japanese yen. The euro dropped from $1.0918 to $1.0917.On Tuesday, resource shares suffered as lower commodity prices weighed on Canada’s stocks.The S&P/TSX composite index of the Toronto Stock Exchange ended the day at 19,754.14, down 180.07 points, or 0.9%.

Europe:

Europe On Tuesday, shares in Europe fell, with the pan-European STOXX 600 index losing 0.6%.At 7,569.31, the British FTSE 100 lost 0.3 percent. The DAX in Germany fell 0.6% to 16,111.32. The CAC 40 in France lost 0.3% to 7,294.17.When Global Auto Holdings announced that it would acquire the rival for approximately 465.4 million pounds in cash, the news caused the British auto retailer Lookers to increase by 33.9%.

Lanxess, a German manufacturer of specialty chemicals, saw its second-quarter and annual core profit forecasts lowered by 15.4%.

Asia:

Asia Asian stocks ended the day mostly lower on Tuesday following China’s rate cut announcement.

Investors were dissatisfied with China’s Tuesday lending benchmark reduction because they believe it is insufficient to accelerate the country’s sluggish economic recovery.

Although it met expectations for a 15-point reduction in the one-year rate, the People’s Bank of China reduced its benchmark five-year rate by 10 basis points, falling short of the expected 15 points.The Hang Seng index in Hong Kong fell 0.5 percent to 19,607.08. The Shanghai Composite in China fell 0.5 percent to 3,240.36.The Nikkei 225 in Japan gained 0.1% to 33,388.11.

Australia:

The S&P/ASX 200 index in Australia rose 0.9 percent to 7,357.80. The benchmark S&P/NZX 50 index in New Zealand gained 0.3 percent to 11,789.37.On Tuesday, the cost of energy in Brent crude for delivery in August decreased by 19 cents to $75.90 per barrel. The benchmark price of US crude oil for July delivery dropped $1.28 to $70.50 a barrel.For delivery in July, natural gas cost $2.49 per 1,000 cubic feet, down 14 cents.

Gold Bullion:

The ounce price of gold bullion for delivery in August decreased by $23.50 to $1,947.70. Silver for delivery in July decreased by 90 cents to $23.23 per ounce.

The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located next to the United States Army post of Fort Knox, Kentucky. It is operated by the United States Department of the Treasury. The vault is used to store a large portion of the United States’ gold reserves as well as other precious items belonging to or in custody of the federal government. It currently holds roughly 147 million troy ounces (4,580 metric tons) of gold bullion, over half of the Treasury’s stored gold. The United States Mint Police protects the depository.

The Treasury built the depository in 1936 on land transferred to it from the military. Its purpose was to house gold then stored in New York City and Philadelphia, in keeping with a strategy to move gold reserves away from coastal cities to areas less vulnerable to foreign military attack. The first set of gold shipments to the depository occurred during the first half of 1937. A second set was completed in 1941. These shipments, overseen by the United States Post Office Department, totaled roughly 417 million troy ounces (12,960 metric tons), almost two-thirds of the total gold reserves of the United States.