Stocks open lower on Wall Street and the price of gold is hovering near the record high it closed at a day earlier. Investors are keeping a close eye on negotiations in Congress over more measures to provide economic relief from the coronavirus pandemic.
A woman wearing a face mask stands beneath a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Tuesday, July 28, 2020. Shares advanced in Asia on Tuesday after U.S. stocks resumed their upward march on Wall Street, while the price of gold pushed to nearly $1,970 per ounce.
3M was a particularly heavy weight pulling the Dow lower after dropping 4.8%. The maker of n95 masks and various other products for consumers and businesses reported a profit for the latest quarter that fell shy of analysts’ expectations. It said sales trends have been improving this month, but it also said there’s still too much uncertainty given the pandemic to offer any forecasts for its future performance.McDonald’s lost 2.
The Federal Reserve is also beginning a two-day meeting on interest rates, with an announcement scheduled for Wednesday. Investors largely expect the central bank to keep short-term rates at their record low, but they’re also looking to hear what it says about how long they may stay there.
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