Wall Street drifts, and trading remains quiet as profit reports keep pouring in
NEW YORK — U.S. stock indexes are drifting in quiet trading Tuesday as profit reports keep pouring in from big companies.
JetBlue Airways climbed 19.7% after reporting a profit for the spring, when analysts were expecting to see a loss. The airline also outlined ways it hopes to improve on-time performance and attract customers. Trading on Wall Street has been relatively quiet so far this week ahead of profit reports from some of the market’s most influential companies. Microsoft will say how much it earned during the spring after trading ends Tuesday. Meta Platforms, Apple and Amazon will follow in the coming days.
Helpfully for the market, other stocks rose up to cushion their fall, including smaller stocks and companies whose profits are closely tied to the strength of the economy. They rallied on hopes that inflation is slowing enough to get the Federal Reserve to soon begin cutting interest rates.No one expects the Fed to cut interest rates this week, when it announces its decisions on Wednesday. But the widespread expectation is that it will do so at its next meeting in September.
Yields got a slight bump in the morning after a couple reports on the economy came in stronger than expected. One showed U.S. employers were advertising slightly more job openings at the end of June than economists expected. That’s a good signal for workers, but too much strength could put upward pressure on inflation.
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