Losses on the Wall after last week’s rally

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The main Wall Street indicators are moving negatively at the beginning of the week as investors continue to evaluate the incoming macroeconomic data in their attempt to assess the course of the economy in the coming months, which will determine the movements of the Federal Reserve on its “front”. raising interest rates.

US stocks traded strong last week, with the S&P 500 gaining 6%, ending a three-week losing streak. The Dow Jones industrial average, meanwhile, rose 5%, while the tech Nasdaq gained 7% overall.

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The jump followed by a barrage of disappointing economic data that sparked speculation that a slowdown in the economy could force the Federal Reserve to moderate its aggressive interest rate hikes.

Fed Chairman Jerome Powell told Congress last week that achieving the so-called “smooth landing” of the economy as the central bank continued to tighten its policy would be “a difficult task.”

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Indicators – Statistics

On the board, the Dow Jones is down 108.42 points or -0.34% at 31,401.26 points, while the S&P 500 is down 21.02 points or -0.54% at 3,893.51 points. The technology Nasdaq loses 108.90 points or -0.94% to 11,498.72 points.

Of the 30 stocks that make up the Dow Jones industrial average, 13 are moving with a positive sign and 17 with a negative. The biggest increase is recorded by Merck with gains of $ 1.77 or 1.90% and closing at $ 94.90, followed by Chevron at $ 145.86 with an increase of 0.75% and Verizon Communications with gains of 0 , 67% to $ 51.30.

The shares with the biggest losses are Boeing (-3.58%), Salesforce (-2.50%) and Nike (-1.93%).

Data released today in the US showed that orders for durable goods rose more than expected in May, a sign that business investment remains strong despite rising interest rates and growing concerns about the outlook for the economy.

In particular, orders for durable goods increased by 0.7% in May compared to analysts’ estimate for an increase of 0.2%. This is the seventh increase in a total of eight months.

At the same time, orders for capital goods, a sign of investment in equipment that does not include aircraft and military equipment, increased by 0.5% last month, according to data released today by the US Department of Commerce on Monday.

The data show that investment was strong in May despite the decline in manufacturing indices in June in the New York and Philadelphia area, among others. The latter also showed a decrease in manufacturing production S&P Global research.

Source: Capital

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