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Wall Street on track to get the latest profits after weak data



NEW YORK – Weak economic data pushed US stocks on Thursday after a recent gains rate, while a decline in health care services increased to bearish momentum.

The Department of Commerce unexpectedly said new orders for major US goods fell in December, pointing to a further slowdown in corporate spending on equipment that could shrink economic growth.

Another set showed that the Federal Reserve Federal Reserve measured by US mid-Atlantic business fell in February to its weakest level since May 2016. [19659002] Also, the US Federal Reserve's GDPNow forecast model showed that the US economy is likely to expand at a 1

.4 percent annual interest rate in the fourth quarter.

"I was a little surprised at some of the data's weaknesses. Some of them are related and some trade-related, so it's hard to get a good feel for what it would be," without these factors, said Paul Nolte, portfolio manager. at Kingsview Asset Management in Chicago.

But He said that the decline in stocks is probably the result of profits.

"We have had a huge run in the market and we had weak data that allowed investors to make a profit," he said.

Recent gains have been driven by progress in trade negotiations in the US and China. Despite the dip, the index continues to stay close to two months high.

The United States and China have begun to outline commitments in principle of the toughest problems in their trade conflict, marking the main advances yet towards the end of a seven-month war, said sources of Reuters on Thursday. The two sides attempted to reach agreement before March 1, Reuters reported.

Dow Jones Industrial Average dropped 148.88 points, or 0.57 percent to 25,805.56, S & P 500 lost 15.04 points, or 0.54 percent to 2,769.66 and Nasdaq compound fell 41.58 points , or 0.56 percent, to 7,447.49.

The health insurance sector went 1.1 per cent, weighted by Johnson & Johnson's 1.1 per cent fall.

The health giant said it received subpoena from US regulators related to litigation involving alleged asbestos pollution in its signature baby powder product line.

Nike Inc shares were down 1.3 percent after the company's sneaker worn by the new basketball star Zion Williamson split in half during a game.

Falling Problems to Promote those on the NYSE of a 2.01 to 1 ratio; on Nasdaq, a 1.53 to 1 ratio favored decliners.

S & P 500 posted 34 new 52 week heights and no new downs; Nasdaq Composite recorded 62 new heights and 13 new downs.

(Further reporting by Shreyashi Sanyal and Sruthi Shankar in Bengaluru; Editing Anil D & # 39; Silva and Cynthia Osterman)


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