This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Tech shares suppress Wall Street after China data
On Monday, tech equities suppressed Wall Street after a sudden sink in China's exports in December rekindled fears of a deceleration in global economic surge.
The China trade data backed worries that American duties on China’s exports were having an impact on the world's number two economy, making such as Apple Inc come up with a profit warning.
Chipmakers, getting a sizable portion of their gains from China, were affected, with the Philadelphia SE semiconductor index diving by 1.01%. As for Boeing Co and Caterpillar Inc, they slumped too.
Gains in Citigroup stocks assisted to spur the S&P financial sector that headed north by 0.80%, thus becoming the only gainer among the 11 key S&P indexes.
JPMorgan Chase & Co as well as Wells Fargo & Co are expected to post earnings on Tuesday.
The technology sector's 0.81% dive appeared to be the biggest drag on the S&P 500. A recent ascend in equities, driven by US-China trade optimism as well as expectations for a slow tempo of interest rate lifts, has powered a 10% jump in the S&P 500 from its Christmas Eve minimum.
ET, the Dow Jones Industrial Average dived by 0.30% being worth 23,922.94. As for the S&P 500, it slumped by 0.45% hitting 2,584.61. The Nasdaq Composite decreased by 0.65% showing 6,925.87.
Contributing to the pessimistic mood was a partial US government shutdown that entered its 24th day. In the history of the USA that’s the longest shuttering of federal agencies.
Market experts actually expect S&P 500 companies to report a 14.3% surge in fourth-quarter gains, which appears to be lower than the 25% surge rate recorded in the first three quarters of the previous year.
PG&E Corp went down by 47.58%.
On the NYSE slumping issues outperformed advancers for a 1.32-to-1 ratio.
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EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!