Wednesday , December 2 2020

Wall Street closed significantly low

Dow loses more than 550 points.

(ABM FN-Dow Jones) American stock markets are closing sharply on Tuesday.

The leading S & P 500 index decreased by 1.8 percent to 2.641.90 points, while the Dow Jones index fell by 2.2 percent to 24.465.64 points, and Nasdaq declined by 1.7 percent to close at 6.908.82.

The decline is mainly the result of a sales wave in the technology sector and internet related companies. The sharp declines in both Target and Lowe shares created additional pressure after disappointing quarterly results.

Investors were still struggling with slower global growth, US-China trade barriers, and a stable rise in interest rates expected to continue until next year. Strategists, these doubts, strengthen the fear that we are nearing the end of the current economic expansion.

While the technology sector, which had previously been highly performing, lost most of this change, the market fears that the problems surrounding the trade relations between China, the US and other major trading countries could have even more impact.

"Economic data remains strong, but the trend has worsened," Peter Lazaroff, market analyst at Plancorp. Said. He said that the shares we have experienced in the last period have the fastest growth rates for both US company earnings and the economy. "The economic conditions are good, but the probability of the deterioration of economic conditions in the coming years, even beyond, is a greater possibility than a surprise on the positive side." She loved it.

On a macroeconomic level, the number of residential homes in the US on Tuesday increased by 1.5 percent month-on-month. On the other hand, there was a 2.9 percent decline on an annual basis. The number of issued construction permits decreased by 0.6 percent in October to 1.263 million units on a monthly basis. On an annual basis, the number of issued building permits decreased by 6.0 percent.

The West Texas Intermediate crude oil barrel closed for January-next Tuesday at 6.6 percent, or $ 3.77 lower on the New York Mercantile Exchange at $ 53.43 per barrel. The oil price was closed at the lowest level since October 2017.

The euro / dollar was trading at 1.1369. At the beginning of the trading day in New York, the currency pair was still moving at 1.1440, and on Monday at the close of the US stock markets, boards had a stand at 1.1454.

On a macroeconomic level, seven issues are on the agenda in the United States on Wednesday. Voorbeurs, weekly mortgage applications, weekly first aid applications and durable goods appear in October. Later in the day, the most prominent indicators of October, consumer confidence in October and current home sales in October followed by weekly oil stocks came from the US Energy Information Administration.

Company news

Apple has declined by about 5 percent and the technology giant has reached its lowest level in 4 1/2 months.

Google & # 39; s parent company, Facebook and the Alphabet, compensated for the losses early in the day. Facebook rose to about 0.6 percent and the Alphabet won 0.7 percent.

Kulicke & Soffa Industries rose by about 8.4 percent, better than expected after the fourth-quarter results.

Lowe lost 5.5 percent. Although the retailer reported better profit than expected, the same sales were disappointing.

The target has lost more than 10.0 percent. The target saw that the results increased in the third quarter and the repeated expectations increased during this year. Still, the results disappointed.

Campbell Soup was better than expected results and increased by about 5.0 percent in 2019 with a positive outlook.

Hormel Foods, on the other hand, fell 1.0 percent. The group reported disappointing sales figures before sales.

Kohl lost 9.0 percent. Despite disappointing results, the group has increased its outlook for the entire fiscal year.

Analogue devices rose to 4.0 percent more than the profit and turnover after the expiration, higher than expected for the quarter.

By: ABM Financial News.

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Editor: +31 (0) 20 26 28 999

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(END) Dow Jones News Tools

20 November 2018 16:05 ET (09:05 GMT)

Copyright (c) 2018 ABM Financial News. All Rights Reserved.

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