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Dow Jones recoups earlier losses, Nasdaq remains in negative territory

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The Dow Jones Industrial Average increased a little in today’s stock market, while the S&P 500 gained modestly. Late in the afternoon, the leading indices began to rise. On the other hand, the Nasdaq closed marginally down, but it had recovered from far more considerable losses earlier in the day.

Early Monday, the major U.S. market indexes were down on worries of weakening global growth, with China’s economic rebound lagging and oil prices plunging.

Chinese economic growth has slowed more than predicted, according to data. In July, retail sales in China grew by 8.5% year over year, falling short of the 11.5 % expected by analysts surveyed by Reuters.

Meanwhile, unrest in Afghanistan is exacerbating concerns about global growth. Following the withdrawal of US soldiers, the Taliban took control of Afghanistan.

Quick market analysis

The Nasdaq fell 0.2%, while the S&P 500 rose 0.26%. The Dow Jones industrials also increased by 0.31%. The Russell 2000 index, which fell 0.94%, was the worst performer on the negative. The volume on the Nasdaq was lower, and the volume on the NYSE was greater than it was at the same time on Friday.

Monday’s rise in the S&P 500 is especially noteworthy since the benchmark index has already quadrupled from its pandemic closing low on March 23, 2020.

According to FactSet, as of Friday, 87% of S&P 500 firms have posted positive earnings per share surprises for the second calendar quarter. If 87% of S&P 500 firms report positive EPS surprises, it will be the most significant percentage since FactSet began monitoring this statistic in 2008.

Several major S&P 500 index components, including Target, will announce quarterly results this week (TGT). A few Dow Jones components, notably Walmart (WMT) and Home Depot (HD) are slated to announce results on Tuesday morning.

As the 10-year yield dropped, bank stocks trended downward. Bank of America was down 0.8%, JPMorgan was down 0.6%, and Goldman Sachs was down about 0.6%.

National Highway Traffic Safety Administration opened a formal investigation into Tesla’s Autopilot partially automated driving technology, as the electric vehicle maker’s shares dropped 4.3%.

Dow retreats while tech leads amid drop in oil price

U.S biggest listed companies post best monthly gains since January 1987

Bears flood the US stock market as tech stocks take a hit

Source:Nairametrics.com

Rebroadcasted:Okwosi Esther

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