Update on the latest in business:

FINANCIAL MARKETS

Tech stocks lead market lower

NEW YORK (AP) — Drops in big technology companies have led stocks broadly lower on Wall Street, easing major indexes off the latest record highs they set a day earlier.

The S&P 500 lost 0.9% while the tech-heavy Nasdaq fell twice as much, 1.9%.

Markets have been choppy as investors try to get a clearer picture of how well the economy is recovering from the pandemic and when the Federal Reserve will eventually ease up on its support for the economy. The central bank will release its latest report on Wednesday.

Investors looked over a mixed bag of earnings from several large companies.

HOME PRICES

US home prices surge 17% in May, fastest in 17 years

WASHINGTON (AP) — U.S. home prices registered the fastest growth in 17 years in May as a surge in demand for housing outstripped the supply.

The S&P CoreLogic Case-Shiller 20-city home price index, released today, soared 17% in May from a year earlier on top of a 15% jump in April. The May increase was the biggest since August 2004.

The hottest markets were Phoenix — where prices surged 25.9% — San Diego (24.7%) and Seattle (23.4%). All 20 cities reported faster year-over-year growth in May than they did in April.

CONSUMER CONFIDENCE

Consumer confidence up slightly in July

SILVER SPRING, Md. (AP) — U.S. consumer confidence was relatively unchanged from June to July, but remains at its highest level since February 2020, just before the coronavirus pandemic hit the U.S.

The Conference Board reports that its consumer confidence index inched up in July to 129.1, up from last month’s reading of 128.9. It’s the sixth straight month that the measurement has risen.

Consumers’ appraisal of current business conditions ticked up slightly to 160.3 from 159.6 in June. Consumers’ short term expectations came in at 108.4, down from 108.5 last month.

Economists watch consumer confidence because consumer spending accounts for 70% of economic activity.

UPS-RESULTS

Shipping continues at blistering pace, UPS earns $2.7B in Q2

ATLANTA (AP) — UPS had another strong quarter with shipments to homes continuing at a blistering pace, though revenue at home was a little weaker than some had expected. Domestic revenue still grew 10.2% to $14.40 billion in the second quarter, with per-piece revenue rising 13.4%. However, Wall Street had projected domestic revenue of $14.76 billion.

Revenue from international operations spiked 30% to $4.82 billion, which was better than the $4.57 billion analysts had expected.

For the three months ended June 30, UPS earned $2.68 billion, or $3.05 per share. Stripping out one-time costs, earnings were $3.06 per share, easily beating the $2.75 that Wall Street was looking for.

IMF-WORLD ECONOMIC OUTLOOK

IMF forecasts 6% global growth this year as economies reopen

WASHINGTON (AP) — The International Monetary Fund is sharply upgrading its economic outlook this year for the world’s wealthy countries, especially the United States, as COVID-19 vaccinations help sustain solid rebounds from the pandemic recession. But the 190-country lending agency has downgraded its forecast for poorer countries, most of which are struggling to vaccinate.

Overall, the IMF says it expects the global economy to expand 6% this year — a dramatic bounce-back from the world’s 3.2% economic contraction in the pandemic year of 2020. The IMF’s forecast, unchanged from its previous estimate in April, would mark the fastest calendar-year global growth in records dating to 1980.

PHILANTHROPY-GIVING PARTICIPATION

Study: Only half of American households donate to charity

UNDATED (AP) — For the first time in nearly two decades, only half of U.S. households donated to a charity.

The findings from an Indiana University study confirm a trend that is worrying experts. Donations to charitable causes are reaching record highs, but it’s being driven by an increasingly smaller slice of the population.

The study comes from a survey that has been tracking the giving patterns of more than 9,000 households since 2000. It shows giving participation rates for both religious and secular causes reached new lows in 2018, the latest year with comprehensive figures from those households.

Copyright © 2021 . All rights reserved. This website is not intended for users located within the European Economic Area.

Comments

Sign up for breaking news alerts