Negative atmosphere on the Wall after the disappointing macros

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Key Wall Street indicators on Monday moved negatively as weak economic data released today in the US and China brought back to the forefront concerns about the outlook for the global economy.

The indices closed with heavy losses last week, completing another downward week. In particular, the industrial Dow Jones lost a total of 2.1%, while the broader S&P 500 fell 2.4% and the technology Nasdaq fell 2.8%. The S&P 500 completed six consecutive weeks of losses, its worst run since June 2011, while the Nasdaq fell for a sixth straight week, its worst run since November 2012.

The US market has been found to be experiencing strong shocks amid growing concerns about the risk that the US Federal Reserve, in its attempt to control inflation, will lead the economy into recession.

Indicators – Statistics

On the board, the Dow Jones lost 195.94 points or -0.61% to 32,000.72 points, while the broader S&P 500 fell 26.69 points or -0.66% to 3,997.31 points. The technology Nasdaq drops by 118.80 points or -1.01% to 11,689.15 points.

Of the 30 stocks that make up the Dow Jones industrial average, nine are moving with a positive sign and 21 with a negative. Chevron gained the biggest gain with $ 4.17 or 2.48% at $ 172.04, followed by Boeing with $ 129.07 with an increase of 1.47% and Merck & Co with earnings of 0, 81% to $ 91.14

On the other hand, the three stocks with the biggest losses are American Express (-2.06%), Microsoft (-1.90%) and Home Depot (-1.65%).

At the end of the day, the New York Fed’s Empire State Index for the state of manufacturing activity fell 36.2 points to -11.6 in May, refuting analysts’ estimates that expected a softer fall to 16.5. Measurements below zero show a deterioration in business conditions.

In China, data released today showed that factory activity and retail sales plunged in April amid lockdowns to curb Covid-19.

In particular, retail sales decreased by 11.1% compared to the previous year. This is the biggest drop since March 2020. At the same time, factory production fell 2.9% compared to the previous year, refuting expectations for a rise and recording the biggest drop since February 2020.

From the “front” of corporate results, large retail chains will be in the spotlight this week as Walmart Inc. announces its quarterly statements on Tuesday. and Home Depot Inc. to be followed by Target Corp. and Lowe’s Cos.


Source: Capital

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