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The Dow Jones is expanding its profits, while the broader S&P 500 is trying to secure the positive sign, as investors try to regain some of the lost ground from the heavy losses of the previous days, although the climate remains fragile after the weak macro announced today in the US and China, bringing back to the forefront concerns about the outlook for the global economy.

Concerns about the prospects for growth in an environment of increasingly high interest rates have led to a free fall in US market indices in recent weeks. The Dow Jones industrial average lost 2.1% last week, while the broader S&P 500 fell 2.4% and the tech Nasdaq fell 2.8%. The S&P 500 completed six consecutive weeks of losses, marking its worst run since June 2011, while the Nasdaq fell for a sixth straight week, its worst run since November 2012.

The data released today in the US and China disappointed investors and confirmed the concerns that the two largest economies in the world are facing significant challenges. The data showed a decline in manufacturing activity in New York State and a decline in industrial activity and retail sales in China.

Indicators – Statistics

On the board, the Dow Jones gained 122.66 points or 0.38% to 32,319.32 points, while the broader S&P 500 fell 3.28 points or -0.08% to 4,020.59 points. The technology Nasdaq loses 103.20 points or -0.87% to 11,701.81 points.

Of the 30 stocks that make up the Dow Jones industrial average, 18 are moving with a positive sign and 12 with a negative. Chevron was up $ 5.88, or 3.51%, at $ 173.75, followed by Merck & Co at $ 2.27% and Verizon Communications at $ 49. , $ 11 with an increase of 1.93%.

On the other hand, the three stocks with the biggest losses are Walt Disney (-1.56%), Salesforce (-1.53%) and American Express (-1.32%).

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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