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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.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…