Saturday , January 29 2022

Wall Street Drops by Chinese Data, Other Results by Reuters


© Reuters. Merchants work on NYSE NY

Medha Singh

(Reuters) – US stocks postponed on Monday by technology stocks, following a fall in December's unexpected Chinese exports, which led to concerns about the slowdown in global economic growth.

China's trade data intensified concerns that US tariffs on Chinese goods have taken the world's second largest economy, forcing companies such as Apple Inc (O 🙂 to issue a profit warning.

Equity chip makers, who receive a significant share of their revenue from China, got hit, and the Philadelphia SE semiconductor index () fell by 1.74 percent.

Trading Sensitive Shares Boeing Co (N 🙂 fell by 0.89 percent and caterpillar Inc (N 🙂 1.04 percent.

Citigroup Inc. (N 🙂 launched a fourth quarter earnings season for large US banks on a weak note. However, bank shares changed past market losses to increase trade by 2.28 percent.

JPMorgan Chase & Co (N 🙂 & amp; Wells Fargo & Co (N 🙂 is set to report its results on Tuesday. The S&P financial sector (), which grew by 0.37 percent, was the only one of the 11 largest S&P sectors to trade.

The weighting on the benchmark index was the share of technology () which fell by 1.17 percent and the discretionary power of consumers (), which was 1.73 percent.

However, the S&P 500 is about 12 percent of its closing record on September 20 after China and US trade optimism and hopes for a slow pace of interest rate rises boosted by recent rally stocks.

After 10:05 EDT Dow Jones Industrial Average () had dropped by 107.15 points or 0.45 percent, down 23.888.80 points, the S&P 500 () had fallen by 15.11 points or 0.58 percent, at 2.581. 15 and Nasdaq Composite () were 67.27. , or 0.96 percent, at 6.904.21.

Adding a downward spiral was the partial exclusion of the government, which reached its 24th day, making it the longest seal of federal agencies in US history.

"The market has just recovered to a level where you are beginning to see profits, so any concerns about China, trade or government closure may weigh the market more than it would last week," said Robert Pavlik, chief investment strategist and senior Portfolio Manager SlateStone Wealth LLC New York.

"We see some precautionary positions at the beginning of the income season, because people are worried about the guidelines and what companies say, especially with regard to trade."

Analysts expect S&P 500 companies to earn 14.3% in the fourth quarter, according to Refinitiv IBES. This year's profit in 2019 is likely to increase by 6.3%, which is much slower than the increase of 23.4% in 2018.

Among other stocks, PG&E Corp. (N 🙂 fell by 48.12 percent after the largest US power supply said it was going to submit Chapter 11 bankruptcy to all its businesses.

With questions falling, NYSE was 1.90 to 1, and Nasdaq to 1.86 to 1.

The S&P index did not show new 52-week heights and one new low, while Nasdaq recorded seven new heights and eight new falls.

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