U.S. stocks fall further after an early fall

Stocks fell further during Friday’s trading day after being under pressure early in the session. The main averages all moved firmly to the negative territory after finishing the previous session on the other side of the unchanged line.

Currently, the major averages are protracted near the worst levels of the day. The Dow fell 173.21 points (0.5%) to 34,578.11, the Nasdaq fell 156.01 points (1%) to 15,025.91, and the S & P 500 fell 33.40 points (0.8%) to 4,440.35.

The weakness of Wall Street is that traders are looking forward to next week’s long-awaited monetary policy meeting of the Federal Reserve Board.

The Federal Reserve Board is widely expected to leave monetary policy unchanged, but it can address the outlook for asset purchase programs.

Minutes of the Federal Reserve Board’s last meeting showed that the central bank was ready to begin curtailing asset purchases by the end of the year.

Traders may pay close attention to the wording of the post-conference statement, with some recent disappointing economic data suggesting that the Federal Reserve Board may push back its plans.

Stock prices fell further after the release of a report from the University of Michigan, showing that consumer sentiment in the United States did not recover more than expected in September.

According to the report, the consumer confidence index rose from 70.3 in August to 71.0 in September. Economists expected the index to rise to 72.2.

There was a slight increase after the consumer confidence index fell to its lowest level since December 2011 last month.

“The sharp fall in consumer sentiment in August ended in early September, but a slight rise is the most unfavorable economic outlook for consumers in more than a decade,” said Richard Curtin, chief economist at consumer research. It meant that I expected. “

Sector news

Steel stocks continue to show significant weakness in intraday trading, with the NYSE Arca Steel Index declining 3.9% to its lowest intraday level in almost five months.

US Steel (X) plunged 7.4% after updating its guidance in the third quarter and announcing plans to spend about $ 3 billion on the construction of a new plant.

There is also considerable weakness among chemical stocks, as evidenced by the 1.9% drop in the S & P Chemical Sector Index. The index hit a daytime low of almost two months early in the session.

Oil services, computer hardware, and semiconductor stocks are also showing significant weakness, declining along with most other major sectors.

Other markets

In overseas transactions, stocks market During the trading on Friday, the Asia Pacific region as a whole rose almost. Japan’s Nikkei 225 index rose 0.6% and Hong Kong’s Hang Seng index rose 1%.

Meanwhile, major European markets turned down during the session. France’s CAC 40 index fell 0.8%, while Germany’s DAX index and UK’s FTSE 100 index fell 1% and 1.2%, respectively.

In the bond market, government bonds have fallen three times in a row. After that, the yield on the benchmark 10-year bond, which moves in the opposite direction of the price, rose 4.1 basis points to 1.372%.

Contact for comments and feedback:

Business news

U.S. stocks fall further after an early fall

Source link U.S. stocks fall further after an early fall

Back to top button