Travelers fell 2.5%, Verizon dropped 1.7%, and Coca-Cola, Johnson & Johnson, and Cisco all declined over 1%. Cisco slipped on an Evercore downgrade citing limited upside.
Nike stood out, rising 4% after a JPMorgan upgrade to overweight, projecting a recovery in consumer demand.
What’s the Short-Term Outlook Into the Close?
Indexes remain pinned near highs but movement has tightened. Treasury yields are slightly higher, with the 10-year at 4.41%, while the dollar is firming.
With Big Tech earnings and the Fed on deck, expect heavier trading volume into the close.
Traders may opt for hedges or reduced exposure, while staying long in energy and selective tech where news flow is favorable.
Watch for any last-hour remarks on tariffs ahead of the August 1 deadline.
More Information in our Economic Calendar.