US Stock Market Sees Broad Decline Amid Earnings Reports and Fed Decision

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US Stock Market Sees Broad Decline Amid Earnings Reports and Fed Decision
Photo: Richard Drew/AP/TT

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It pointed downwards on the American stock exchange on Tuesday ahead of an intense week when hundreds of companies on Wall Street will report their results for the year's second quarter. In addition, the central bank Federal Reserve will announce on Wednesday whether the interest rate will be lowered or not.

The broad S&P 500 index fell 0.3 percent, the Dow Jones industrial index decreased 0.5 percent and the technology-heavy Nasdaq composite index lost 0.4 percent.

Among the losers was the share in Danish Novo Nordisk, listed in both Copenhagen and New York. On the Danish stock exchange, the pharmaceutical company fell over 23 percent, a record amount on a single day for the company, and the decline was almost as large in the USA.

Spotify plummeted 11.6 percent after the streaming service reported a worse operating result than expected for the previous quarter. After tax, the company made a loss of 86 million euro, nearly a billion kronor.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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