Emerging-market stocks rose to an 11-month high on the probability that the US and the Japanese central banks would continue to reinforce their economies by easing policies.
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Disappointment over Bank of Japan’s latest easing action also weighed on sentiment.
The Dow Jones industrial average fell 16 points, or 0.09%, to 18,456.
The S&P 500 .SPX was down 5.41 points, or 0.25 percent, at 2,161.17. The Nasdaq Composite was set for an nearly 7% rally for the month. The MSCI Emerging Markets Index climbed the most in a week before the Fed and the Bank of Japan meetings. The central bank did, however, said it would buy 6 trillion yen ($57 billion) worth of exchange-traded funds annually, up from ¥3.3 trillion previously.
The yen rallied after the move (http://www.marketwatch.com/story/yen-climbs-against-dollar-after-boj-fails-to-impress-investors-2016-07-29), sending the dollar down to Yen103.58, from Yen105.27 late Thursday in NY. The large-cap index was down as much as 0.3% through the early morning. Ford’s stock fell 9.65%.
The U.S. Dollar fell on the FOMC decision. While earnings will likely decline for another quarter, many economists believe this three-month period will act as a bottom for a rebound.
The data come out at 8:30 a.m. Eastern Time, alongside the employment cost index for the second quarter. Consumer staples and utilities indexes were flat.
Dallas Fed President Rob Kaplan is scheduled to speak at the Independent Bankers Association of New Mexico at 1 p.m.
Another report will show single-family homes sales rose 1.6 percent in June to 560,000. In a typical quarter, 63 percent of companies beat expectations, according to Thomson Reuters data. Revenue fell to $57.7 billion from $74.1 billion.
“You also have some negative earnings reports and oil prices are back on people’s mind as it approaches the $40 level”.
The S&P 500 index showed 25 new 52-week highs and no new lows, while the Nasdaq recorded 90 new highs and 22 new lows.
But Facebook (FB.O) opened at an all-time high of $128.31 after quarterly results handily beat analysts’ estimates on Wednesday. Suppliers Qorvo Inc. and Skyworks Solutions Inc. gained in Europe.
U.S. stocks mostly gained on Thursday amid strong earnings from Facebook and anticipation of results from tech heavyweights Alphabet and Amazon. The Dow average DJIA, -0.09% ended the day lower for a fourth straight session.
However, gains in Amazon.com, ahead of its results on Thursday, helped the Nasdaq limit losses.
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Precious metals traded higher on the day.
