Markets Fall on Worse than Expected Earnings

Markets fell across the board today, as a few major earnings misses took their toll on the three major indices. The Dow was down 68.25 points, and closed the day at 17851.04. The NASDAQ led the day in losses, dropping 36.25 points to 5,171.77 as tech imploded. The S&P 500 brought up the rear, with losses of 5.06 points to close at 2,114.15.

 Chipotle Mexican Grill (CMG) is Up 8%

Popular fast food burrito chain Chipotle (CMG) nailed its earnings reports last quarter.
Their forecast for July sales was sizzling hot, and investors ate it up, among other terrible puns. Shares of Chipotle jumped 8%, and the company gained 52.75 points on the day as investors lined up to take a bite of this up-and-coming fast food powerhouse. Chipotle closed the day at $725.82.

Markets Across the World Fall

Markets were down all over the world today, as foreign economies all contracted due to the strength of the dollar. Asia, which had been having a resurgence after a recent disastrous drop, was down big today. Japan's Nikkei -- typically a steady and stable indicator of the region -- fell by 245 points. The volatile Hang Seng lost 122.

In Europe and the UK, the losses were even worse. The economic climate there is dour at best, with Greece just barely pulling out of a tailspin before crashing entirely. London led the day for foreign losses, with its FTSE market shedding 1.50%. Germany was down as well, losing just 8- points on the day.

Speaking of Greece, banks there have loosened up and are allowing withdrawals of 400 Euros, up from just 60 last week. However most branches are still shuttered, and the majority of banking is being conducted either online or through the ATMs.

Oil Slips Even Lower

Now is the time to keep your eyes on crude oil prices, since they've fallen below the $50 support level. There's no telling how low they could go before prices stabilize. We've talked before about why oil is dropping like a rock, but it's been months since we have seen it at prices this low.

The price of crude oil is at the lowest level since mid-January, where it was priced artificially low due to lack of demand. The summer months are in full swing now, demand is as high as it's going to get this year, and the price of crude is still falling through the basement.
Published on Jul 22, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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