U.S. stocks snap five-day winning streak2021|01:53
Money came off the table Tuesday as investors positioned their portfolios ahead of earnings from the biggest companies on the U.S. stock market. The crackdown on Chinese companies in Beijing - also weighed on stock prices - particularly on U.S.-listed shares of online Chinese retailer Alibaba... And investors were also cautious ahead of Wednesday's Federal Reserve announcement. The Dow dropped 85 points. The S&P 500 lost 20. The Nasdaq fell 180. Max Wolff of Systematic Ventures questions whether there's more upside to a stock market that already up 17 percent year-to-date. "I just sort of think that the things that got us here out of the doldrums, they've gone to about 110 percent as far as they could go, so we need a new story to go higher. Otherwise, we'll come a little bit back down to earth for a few weeks and maybe have a little bit of retrenchment, which is healthy to march forward." After the close, Apple, the most valuable U.S. company, exceeded analysts’ targets despite the global chip shortage… Google parent Alphabet posted results that were way ahead of analysts predictions… Microsoft beat sales and profits forecasts thanks to strength in its cloud business… Outside of tech, Starbucks topped expectations and boosted full-year guidance. Corporate earnings aside, economic data pointed to a recovery that appears to be intact. Home prices in the 20 big city index compiled by S&P/Case-Shiller surged 17 percent in May...that's the largest gain in almost 17 years... Consumer confidence jumped to a 17-month high in July, as consumers planned to keep on spending despite lingering inflation concerns... And orders for long-lasting items, known as durable goods, jumped 0.8 percent in June.