US market declines as data gives mixed signals on economy


The S&P 500 fell 0.6% and the Dow Jones Industrial Average lost 0.6%, or around 200 points

1:15 p.m .: Stocks drop as investors analyze data

US stocks fell as investors weighed the latest US economic data on retail sales and jobless claims.

The rebound in retail sales in August was not enough to support the market during the afternoon session. The declines erased much of the previous day’s rebound and set Wall Street on track for another day of declines in a lackluster September. Investors are also concerned about how the spread of the Delta variant of Covid-19 could dampen economic growth.

The S&P 500 fell 0.6% and the Dow Jones Industrial Average fell 0.6%, or about 200 points. The highly technological Nasdaq Composite slipped 0.5%.

10:05 am: proactive titles in North America:

Marble Financial announces licensing agreement with CreditBook for its subsidiary Inverite Verification

Goldseek Resources identifies four gold zones at the Beschefer project in Quebec

Altiplano obtains the Exploitation License for Maria Luisa

Thunderbird Entertainment gets to work on new home improvement show Gut Job, set to premiere in 2022

Phunware Wins Contract to Provide Arizona-based Yavapai Regional Medical Center with New Digital Gateway Mobile Application Portfolio

Esports Entertainment Partners With NFL Retired Players Association To Become Official Esports Partner

Snowline Gold encounters visible gold in Jupiter’s drill core and completes electromagnetic survey at URSA

SpotLite360 IOT Solutions signs agreement with Sewald Hanfling for supply chain business development strategies

AMC Entertainment will accept Ethereum and Litecoin payments as well as Bitcoin

Delta 9 reaches milestone in agreement with Element Cannabis Group

Golden Minerals Starts New 35 Hole RC Drill Program at Rodeo Mine; reports more diamond drilling assays in progress

Endexx tests new shareholder communication platform in EDXC LIVE

LexaGene signs a research and development cooperation agreement with the US military

TraceSafe receives certification from the International Organization for Standardization (ISO) 27001

Plurilock Security Wins Order for US $ 394,000 from California State Teachers’ Retirement System

9.40 a.m .: Mixed American indices open

U.S. benchmarks opened mixed on Thursday as traders reflected on the latest U.S. economic data, including retail sales, the Philadelphia Fed manufacturing survey and weekly jobless claims.

The Dow Jones added more than 52 points to 34,867, but the S&P 500 lost four points to 4,476. The Nasdaq stock market lost 65 points to 15,438.

Retail sales rose 0.7% in August, posting a surprise gain despite concerns about the Delta variant and supply chain issues. A separate report from the Ministry of Labor showed that weekly unemployment claims rose to 332,000 for the week ended September 11.

“Today’s data from the United States did little to shed some light on the matter, with retail sales and the Philadelphia Fed manufacturing index crushing expectations as jobless claims increased slightly but only exceeded expectations, “said Craig Erlam, senior market analyst at OANDA.

“Retail sales have been volatile for several months, but a 0.7% increase in August was the reverse of the expected drop.

“US futures edged higher on the data as the dollar continued to rally as US yields rose again. Gold, which has been going through a rough patch in the past 48 hours, has failed. did not hold up well to the data and continued to decline that day, ”he added.

7:10 am: Wall Street ready for a lower start

U.S. equity futures point to a weaker opening in New York on Thursday, weighed down by weaker Chinese markets, as investors await the latest U.S. retail sales and weekly jobless claims data.

Futures contracts for the Dow Jones Industrial Average are down 24 points; the S&P 500 is six points behind and the tech heavyweight Nasdaq is down nearly 33 points.

U.S. benchmarks ended higher on Wednesday, sweeping weaker-than-expected Chinese retail sales data as the price of West Texas Intermediate crude rose more than 3% on lower inventories. The DJIA climbed 236 points to 34,813, while the S&P 500 rose 38 points to 4,481 and the high-tech Nasdaq gained 124 points, or 0.8%, to 15,162.

“While US equity futures have declined slightly since closing, overnight performance would normally have indicated the likelihood of a positive day in Asia,” said Emily Nicol, economist at Daiwa Capital Markets Europe.

However, many major exchanges have been weighed down by significant weakness in Chinese markets, with the Hang Seng falling nearly 2% today, bringing its loss so far this week to over 6% and the index at its lowest level since November.

“Today’s drop reflects the continued concerns that have weighed in over the past few days. The share of struggling developer China Evergrande fell further after one of its units was forced to temporarily suspend bond trading following a downgrade by a local rating agency. Meanwhile, Tencent Holdings also fell for a fourth day amid reports that Chinese regulators are looking to slow video game releases to give them time to adhere to new, stricter content rules, among others aimed at prevent addiction, ”she said. added.

Five more things to watch for Thursday:

US retail sales for August are expected to be released at 8:30 a.m. EST. Economists predict that retail sales are expected to have fallen another 0.7% after an unexpected drop of 1.1% the previous month.

Weekly jobless claims in the United States are forecast to rise slightly to 323,000 from 310,000, with a greater risk of a rebound from Hurricane Ida.

Following the release of the NY Empire State Manufacturing Index on Wednesday, the Philadelphia Fed’s manufacturing survey will shed additional light on the factory sector.

Shares of Beyond Meat fell 2.4% in pre-market trading after Piper Sandler demoted the company to an underweight, saying in a note to customers that the current dynamics of retail across all channels of the meat plant company lags behind consensus expectations.

() revealed that it has started a review of strategic alternatives to “strengthen its financial position and maximize value for stakeholders”. Its shares jumped 52.3% to $ 2.29 in the pre-market trading session.

Leave A Reply

Your email address will not be published.