The Dow Jones and others closed lower on Friday where their average decline was limited to -0.5%, but managed to halt a three week winning streak as investors weighed up the prospect of slumping demand for Apple smartphones and the July labor report which showed new hires were lower than expected, but rising wages \ threatened to revive inflation.
The weekly percentage declines for the S&P and Nasdaq were the largest since March, with some investors going into profit-taking after a five-month rally, due to economic data, disappointing earnings, and rising Treasury yields to a November 2022 high. Of the 422 companies in the S&P 500 that have reported quarterly earnings up to Friday, 79.1% have topped autonomous expectations, according to Refinitiv data.
The Dow Jones and others closed lower on Friday where their average decline was limited to -0.5%, but managed to halt a three-week winning streak as investors weighed up the prospect of slumping demand for Apple smartphones and the July labor report which showed new hires were lower than expected, but rising wages threatened to revive inflation.
The Dow Jones and others did not move much on Thursday (03/08/23) which was choppy or highly volatile, as the US Treasury yield jumped to its highest level since November 2022 triggered by sentiment ahead of the release of employment data on Friday.
The Dow Jones and others did not move much on Thursday (03/08/23) which was choppy or highly volatile, as the US Treasury yield jumped to its highest level since November 2022 triggered by sentiment ahead of the release of employment data on Friday.
Wall Street collapsed into negative territory on Wednesday, ith the S&P 500 and Nasdaq Composite down for a second straight day as investors took profits on five months of gains a day after rating agency Fitch cut the U.S. government’s credit rating.
Wall Street finished in a negative territory on Wednesday (02/08/23), with the S&P 500 and Nasdaq Composite down for a second straight day as investors took profits on five months of gains a day after rating agency Fitch cut the U.S. government’s credit rating.
The US reported July manufacturing data which appears to have stabilized at contractionary levels, as new orders gradually improved, while a survey showed factory employment dropped to a three-year low, suggesting that layoffs were accelerating.
The S&P and Nasdaq closed weaker in the first trade of seasonally slow August, ahead of US jobs data and major companies’ earnings reports later this week. As noted, US stocks ended July on a strong footing, as investors welcomed better-than-expected second quarter earnings reports.
