US equities are suppressed by diving crude and China worries

US equities are suppressed by diving crude and China worries

On Friday, the S&P 500 headed south along with equities of large technology, material and industrial companies because of dismal Chinese data as well as a dive in crude prices.

Market participants were reluctant to take on risk. As a result, the S&P technology index SPLRCT decreased by 2.2% because Apple Inc sank by 2.9% and semiconductor shares lost 2.7%.

Crude seemed braced for its longest losing marathon since 1998 because futures went down by 1% because global supply rallied and traders worried that fuel demand could speed down.

As a matter of fact, the Dow Jones Industrial Average slumped by 1.15% hitting 25,889.91. As for the S&P 500, it went down by 1.49% showing 2,765.04, while the Nasdaq Composite sank by 2.37% ending up with 7,352.35.

Besides this, the S&P energy index dived by 0.6% having lost 2.2% in the previous day's trading marathon when American crude prices actually confirmed a bear market by decreasing 20% from their most recent maximum.

10 of the 11 key S&P sectors inched down, with the sole gain being a 0.3% leap in the defensive consumer staples index.

In the face of a bitter trade clash between China and America, Chinese data disclosed that in October producer inflation decreased for the fourth straight month on receding domestic demand as well as manufacturing activity. However, car sales declined for a fourth month in a row.

The latest data on American producer prices failed to soothe fears about soaring interest rates that have hampered yields in equities stocks in 2018.

General Electric Co headed south below $9 for the first time since 2009.It occurred after JP Morgan reduced price objective on the stock from $10 to $6. Last it declined by about 8.1% hitting $8.37.

 

Similar

Asian stocks go up

On Thursday, Asian stocks rallied after the major US bank took a more accommodative stance at its policy gathering, although worries over US-China trade negotiations and decelerating global surged capped broad profits and suppressed some markets…

Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera