American equities struggle for direction
On Friday, American equities struggled for direction due to the fact market participants sorted through a number of economic reports, which painted rather a mixed picture of the American economy. Key indexes were mostly braced for a losing week, although they have performed well for the quarter and the month.
The Dow Jones Industrial Average DJIA managed to acquire 20 points trading at 26,460. As for the S&P 500 SPX, it didn’t manage to defend most gains, diving to 2,913. Besides this, the Nasdaq Composite Index COMP declined by 5 points coming up with an outcome of 8,036.
For the last three months, the S&P has rallied over 7% that would be its greatest quarterly jump since the fourth quarter of 2013. As for the Dow, it has gained more than 9%. Additionally, both the S&P and the Dow have added in 11 of the last 12 quarters. Meanwhile, over the quarter the Nasdaq has rallied over 7%.
In the USA, in August, consumer spending acquired 0.3%, thus demonstrating the slowest tempo since February. As for personal income, it also jumped by 0.3%.
Meanwhile, in September, the Chicago Purchasing Manager’s Index slumped to a five-month minimum of 60.4, which is below estimates for an outcome of 62. In September, a reading of consumer sentiment accounted for 100.1, which is a bit below estimates.
The equities of Tesla Inc. TSLA, -13.57% headed south by 13% right after the Securities and Exchange Commission had Elon Musk sued, who appears to be the electric-car maker’s chief executive officer and chairman.
Additionally, Facebook Inc sank by 3.1% because the social media company told it has recently discovered a security vulnerability, which impacted almost 50 million accounts. The given bug enabled hackers to steal Facebook access tokens that could be utilized for hijacking folks’ accounts.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.