|New York Stock Exchange (NYSE) © Reuters = News1|
NEW YORK (Reuters) – New York Stock Exchange (NYSE) While oil prices have fallen sharply and energy stocks are tightening, retailers such as Target and Coles have reported unsatisfactory results and annual forecasts. Concerns about economic growth continued on the market.
The average drop in the Dow Jones industry was 551.80, or 2.21 percent, to 24,465.64. Standard & Poor's 500 Index decreased by 48.84 or 1.82 percent to 2,641,89. The Nasdaq composite dropped by 119.65 or 1.70 percent to 6908.82.
S & P 500 has dropped in all 11 industries. Energy, the discretionary consumer goods and technology sector fell by 3.29%, 2.18% and 2.14%, respectively.
The retail target fell by 10.52%. In the third quarter, the company has gained net profit below market expectations. Investing in online businesses, wage growth and falling prices have created a pressure on income.
Coles department store chain also dropped by 9.23%. The company has announced its annual net profit forecast, which analysts do not expect.
When the buzz sounded between retailers, the market atmosphere deteriorated. Investor sentiment has already been under pressure, due to factors such as a rapid decline in technology stocks, slower global growth, higher net profits and an increase in the Federal Reserve rate.
"The profit season is fairly smooth, but people are looking next year and I was worried about the downturn," said Mark Keepner, dealer of Themis Trading.
He added: "At this point we sell first, and then we have a question to ask."
The S & P 500 Index and the Dow Jones Index fell to the end of the year. The Dow Jones Industrial Average fell by 1 percent to close the closing price on December 29th and S & P 500 lost about 1.1 percent.
The slump in oil prices was weak due to the weakness of the energy sector. US U.S. Western European Crude Oil (WTI) balance at $ 53.43 per barrel, $ 3.77 or 6.59 per cent per day.
Among other retailers, the chain of household appliances dropped by 5.66 percent. The company revealed plans for further restructuring, announcing a sale of comparable stores that was not expected.
TJX retail retailer dropped by 4.37%. 4Q earnings are not as expected. In the fourth quarter, Ross Stores fell by 9.38 percent, according to analysts' forecasts of sales in one store.
Apple dropped by 4.78 percent. Concerns about the decline in iPhone demand have increased. At the same time, shares in Apple have contributed significantly to the growth of the New York Stock Market, but since May they are the lowest.
Apple dropped more than 20 percent from its record high last month.
Goldman Sachs halved Apple's target price double over the week. Goldman Sachs explained that the balance between iPhone XR features and prices for foreign consumers may not be satisfactory.
<© 로이터, 무단전재 및 재배포 금지>