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US Indexes Wobble in Morning Trading   07/26 09:53

   Stocks wobbled between small gains and losses in morning trading on Wall 
Street Monday as investors pause after the market rallied to more record highs 
last week.

   (AP) -- Stocks wobbled between small gains and losses in morning trading on 
Wall Street Monday as investors pause after the market rallied to more record 
highs last week.

   The S&P 500 index fell 0.1% as of 10:16 a.m. and is hovering close to the 
record it set on Friday. The Dow Jones Industrial Average fell 73 points, or 
0.2%, to 34,986 and the Nasdaq rose 0.1%.

   Big technology stocks were the biggest weight on the market as China 
increases restrictions on internet apps and other companies. China's industry 
ministry announced a 6-month campaign to clean up what it says are serious 
problems with internet apps violating consumer rights, cyber security and 
"disturbing market order." Internet giant Tencent's U.S.-listed shares fell 1% 
following orders by regulators to end exclusive contracts with music copyright 
holders.

   The announcement pulled most indexes in Asia lower. Hong Kong's Hang Seng 
sank 4.1% and the Shanghai Composite index dropped 2.1%.

   Investors are still monitoring a steady flow of corporate earnings this week 
and listening for any statements from the Federal Reserve about potential 
policy changes on bond purchases and interest rates. The central bank will meet 
this week and a statement on interest rate policy is scheduled for Wednesday.

   Investors are looking for more information on how the Fed will react to 
continued economic growth, but with the virus pandemic still lingering as a 
threat. Wall Street expects the central bank to eventually taper its support, 
but is looking for clues on how much of a pullback will occur and how soon.

   A wide range of companies continued reporting earnings. While the results 
have been mostly solid, Wall Street's reaction has been mixed. Elevator maker 
Otis fell 1.6%, despite reporting solid financial results, while toymaker 
Hasbro jumped 9.2% after handily beating analysts' profit forecasts.

   Electric vehicle company Lucid Motors rose 6.9% in its public debut after 
being bought by blank-check company Churchill Capital Corp.

   The price of Bitcoin rose 13% to $38,000, according to Coindesk. Amazon is 
reportedly considering accepting it as payment and considering its own 
cryptocurrency for purchases.

 
 
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