- Stocks suffered broad declines amid disappointing news from companies such as Visa and Amazon, which dragged consumer discretionary stocks lower.
- The Dow posted its biggest one-day slide in a week, but it's worth noting that about a third of the drop came just from Visa, which fell 3.6% after cutting its revenue growth forecast; Visa, the highest priced stock in the Dow, contributed ~55 points to the index's decline.
- “Investors pay attention to guidance from companies, and the lowering of the outlook from Visa signaled that perhaps the second half is not going to be as strong as previously thought,” an Edward Jones analyst said.
- Participation on the NYSE was only ~558M shares, indicating there was no rush for the exits taking place.
- Treasurys extended gains after June durable goods showed weak underlying components, pushing the benchmark 10-year yield down 4 bps on the day at 2.467%.
- Next week has the potential for strong market action, with earnings season continuing and a Fed meeting and the monthly jobs report topping a long list of economic data.
Stocks fall broadly, Visa's dim outlook sends Dow to outsized loss
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