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Business

US stocks fall as trade-related concerns for mining growth




By Chuck Mikolajczak

NEW YORK (Reuters) ̵[ads1]1; US stocks fell on Wednesday, with the S & P 500 and Nasdaq closing just above key support levels, worried that a long trade war in the US and China would shrink global growth pressure Investors

Trade tensions between the two largest economies in the world showed little sign of relaxation when Chinese newspapers announced that Beijing could use rare earth elements to repel after President Donald Trump noted Monday that he was "not yet ready" to do an agreement with China on trade. Rare Earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equipment.

China's Huawei Technologies Co Ltd filed a lawsuit against the US government late Tuesday in its last bid to fight Washington sanctions.

"It's trading and the effect of trade. The problem is right now that's what I call an" unqualifiable potential outcome "- so no one really knows what's going to happen," said Sam Stovall, chief investment strategy at CFRA Research in New York.

"All we know is that there is an increasingly heated rhetoric of commerce, and if we are not cautious, we end up in a trade war that will definitely reduce economic growth and possibly push us into recession," he added.

Each of the major US indices got its fourth decline in five sessions. S & P is down 5.5% from April 30, closing high. But both the S & P 500 and Nasdaq managed to close just above their 200 day moving average, seen as a central level of support.

Uncertainty in the markets has pushed investors to dump stocks and seek security in US government debt, which has led to an inversion of the yield curve between 3-month bills and 10-year government bonds, a precursor to a possible downturn. Benchmark US 10-year note yield affected a low level of 2.21%, the lowest since September 2017.

Federal futures showed traders saw nearly 58% chance that US central banks would lower interest rates by at least a quarter of their percentage points. 17.-18. meeting compared to a 50% probability late Tuesday.

Each of the 11 major S&P sectors was negative territory, with tools the worst performer.

Dow Jones Industrial Average fell 221.36 points, or 0.87% to 25.126.41, lost S & P 500 19.37 points, or 0.69% to 2.783.02 and Nasdaq Composite fell 60.04 points , or 0.79% to 7.547.31.

The Dow Jones Industrial Average closed at its lowest level since February 11, while S & P and Nasdaq closed the session with their lowest end levels for almost three months.

The benchmark S & P index fell short below its 200-day moving average, a key indicator of long-term momentum during the session.

Among other stocks, Johnson & Johnson dropped 4.19% after a defendant who accused the drugmaker of burning the US opioid epidemic entered his second trial day, and went to health care down 1.20%.

Capri Holdings Ltd ran 9.85% as the worst executive S & P 500 component after Michael Kors's business owner issued a disappointing first-quarter earnings profit that it spends more on marketing.

General Mills dropped 5.56% after Goldman Sach's downgraded grain producer's stock to "sell."

Falling issues beyond the promoters on the NYSE with a 2.05-to-1 ratio; on Nasdaq, a 2.23 to 1 ratio favored decliners.

S & P 500 posted no new 52-week highs and 40 new downs; Nasdaq Composite recorded 25 new heights and 213 new downs.

About 7.31 billion shares changed on US stock exchanges, compared to the average of 7.04 billion over the past 20 sessions.

(Reporting by Chuck Mikolajczak; editing by Jonathan Oatis and Dan Grebler)



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