Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
Tesla stock drops in premarket trades on Thursday. Why? See the article (it's short) and use it to your advantage.
Let’s consider the best and the worst-performing assets as Monday’s session kicks in.
Australian Quarterly Private Capital Expenditure will be announced at 02:30 MT time on Thursday.
CB Consumer Confidence index will be announced at 17:00 MT time on Tuesday.