Saturday , October 1 2022

Wall Street opens after China's data reigns concerns about global slowdown By Reuters



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ยฉ Reuters. Traders work on the NYSE floor in New York

By Medha Singh

(Reuters) – Technology shares withdrew Monday on Wall Street, after an unexpected fall in Chinese exports in December, reiterated concerns over a slowdown in global economic growth.

China's trade data reinforced the concern that US tariffs on Chinese merchandise would be the second largest economy in the world, which caused companies such as Apple Inc (O ๐Ÿ™‚ to issue benefits warnings.

Chippers, who obtain a considerable portion of their revenues from China, were successful, with the Philadelphia SE () semiconductor index falling 1.60 percent. Sensitive to commerce Boeing Co (N ๐Ÿ™‚ i Caterpillar Inc (N ๐Ÿ™‚ dropped more than 1 percent.

Citigroup Inc (N ๐Ÿ™‚ the shares invested the course up to 3 percent despite reporting lower than expected, after Financial Director John Gerspach said the slowdown in China was not particularly disturbing for the Its global operations and that the bank saw improvements in terms of trade the first days of the quarter. [vnL1N1ZE0G1]

"Since the shares of banks have been in the epicenter of what has been very hard in 2018, investors will focus on any encouraging tendency or reassuring comments," said Yousef Abbasi, global market strategist at the FCStone INTL to New York.

Citigroup started the fourth quarter earnings season for major US banks, with JPMorgan Chase & Co (N ๐Ÿ™‚ and Wells Fargo & Co (N ๐Ÿ™‚ set to report results on Tuesdays.

Ten of the 11 main S & P sectors were lower, and the drop in the technology sector (0.87%) was the biggest drag of the S & P 500. The S & P financial sector () was the # 39 ; only winner, raising US reserves in the previous lows.

A recent concentration of values, fueled by the US commercial optimism and the hope of a slow rate of interest rate, has meant an increase of 10 per cent One hundred in the S & P 500 () from his Christmas Eve. The benchmark index is about 12 percent away from the close of next Saturday 20.

"Obviously, the big concern is China's trade information and people see it in terms of a synchronized global slowdown that is potentially increasing," Abbasi said.

"We are definitely in an area where it could be a combination of things, including the fact that we have met very well at the end."

At 11:22 a.m., the Dow Jones Industrial Average () dropped 132.35 points, or 0.55 percent, to 23.863.60, the S & P 500 () lowered 16.34 points, or 0.63 percent, to 2.579.92 and the Nasdaq Composite () dropped 61.20 points, or 0.88 percent, at 6.910.28.

Joining the unconditional state of mind was a partial shutdown of the government, which entered its 24th day, which made it the longest formwork of the federal agencies at the US history.

Analysts expect S & P 500 companies to grow 14.3 percent in quarter-on-quarter earnings, according to Refinitiv's IBES data. The benefit for 2019 is likely to increase 6.3 percent this year, much slower than the estimated growth of 23.4 percent in 2018, which was mainly fueled by a reduction in corporate tax rates.

Among other actions, PG & E Corp (N ๐Ÿ™‚ sank 49.22 percent after the biggest American utility said it was preparing to file Chapter 11 bankruptcy for all its businesses.

The rejected problems exceeded the promoters in number by a proportion of 2.24 to 1 in the NYSE and for a ratio of 2.36 to 1 in the Nasdaq.

The S & P index did not record new 52-week highs and a new low, while the Nasdaq registered 11 new highs and 11 new minimum ones.

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