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Wall Street heads south on dismal earnings and worsening trade tensions
On Thursday, American stock indexes slumped because a bunch of weak quarterly reports impacted a firm earnings season, while trade tensions escalated on news the EU might retaliate if America dares to impose duties on European vehicles.
Worries regarding the impact of duties have been soaring among manufacturers in every one of the Fed’s 12 districts, as a major bank report published on Wednesday uncovered.
Nevertheless, on CNBC Peter Navarro, White House trade adviser had tariff-related worries downplayed, telling that the current US trade strategy with China, including new duties, isn’t as fatal as many illustrate.
The Consumer Staples sector headed south by 0.9%, thus demonstrating the worst outcome among the 11 crucial S&P sectors.
On the sector the losses were led by a 6.3% sag in the equities of cigarette producer Philip Morris after this company had its full-year profit estimate lowered. The competitor Altria went down by 3.3%.
EBay edged down by 9.6%, having reported its underwhelming outcomes and forecast.
In addition to this, AmEx edged down 2.8% after the credit card company told that expenses ascended because of higher spending on the rewards program.
The Dow Jones Industrial Average slumped by 0.38% being worth 25,103.11. Additionally, the S&P 500 inched down by 0.35% hitting 2,805.86. As for the Nasdaq Composite, it dipped by 0.29% demonstrating an outcome of 7,831.84.
IBM happened to be a bright spot, adding 4% right after its outcomes topped forecasts because of surge in higher-margin businesses including cloud computing and cyber security.
Aside from that Comcast managed to soar by 3.4% having dropped pursuit of a bunch of media assets, which are owned by Twenty-First Century Fox Inc.
The S&P index demonstrated 12 fresh 52-week maximums as well as one new minimum.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.