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Dow Jones Futures End Lower as Wall Street Awaits Earnings

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July 24th, 2017

The Dow Jones Industrial Average finished lower on Monday, as investors geared up for a deluge of corporate earnings.

The blue-chip index declined 66.9 points, or 0.3%, to close at 21,513.17. The lower close represented the Dow’s third straight decline.

Twenty-two of 30 index members contributed to the drop, with General Electric Co (NYSE: GE) and Nike Inc. (NYSE: NKE) leading the decline.

On the opposite side of the ledger, Caterpillar Inc. (NYSE: CAT) and Apple Inc. (NASDAQ: AAPL) were the biggest advancers.

The broader S&P 500 Index declined 0.1% to close at 2,469.91. Strong tech gains propelled the Nasdaq Composite Index to record highs. The index finished up 0.4% at 6,410.81.

Dow blue-chips 3M Co (NYSE: MMM), DuPont (NYSE: DD) and Caterpillar Inc. (NYSE: CAT) are all scheduled to report earnings on Tuesday. Roughly 180 S&P 500 components are also scheduled to report throughout the week.

Domestic manufacturing activity ran hotter in July, with the economic recovery showing signs of broadening. The IHS Markit preliminary manufacturing purchasing managers’ index (PMI) rose to 53.2 in July from 52.0, on a scale of 1-100 where 50 separates expansion from contraction. The Composite Output Index climbed to 54.2, which was a six-month high.

Markit said the July expansion is consistent with annualized GDP growth of around 2%.

Meanwhile, home resales moderated more than expected last month, as lean inventories continued to drive up prices. The National Association of Realtors (NAR) reported that existing home sales fell 1.8% in June to a seasonally adjusted annual rate of 5.52 million. Analysts in a median estimate called for a drop of 1.8%.

The Commerce Department will unveil second-quarter GDP data on Friday. Analysts are expecting a broad pickup in economic growth, although underlying concerns about inflation persist.

 - Economic Calendar.

See Also: S&P 500