Friday, September 29, 2023

Wall Street opens in red and the Dow Jones falls 0.79%

Wall Street It opened today in the red and the Dow Jones Industrials, its main indicator, was down 0.79%, when US banks are affected by Moody’s poor rating.

Ten minutes after the start of operations at the NYSEthe Dow Jones stood at 35,196 units and the selective S&P 500 lost 0.67%, up to 4,487 points.

For its part, the composite market index nasdaqin which the main technology companies are listed, fell 0.81%, to 13,880 integers.

Bank shares fell after the agency Moody’s will lower the credit rating from various banks, such as M&T Bank and Pinnacle Financial. The rating agency also put Bank of NY Mellon and State Street on review for a downgrade.

This news also affected the giants Goldman Sachs (-2.82%) and JPMorgan Chase (-2.25%).

The SPDR S&P (KRE) regional banking ETF, which tracks a group of smaller banks, was down 4%.

Today the business results and shares of United Parcel Service (UPS), the world’s largest courier company, were down 1.26%, after the company reported weaker-than-expected revenue and cut its full-year outlook.

Overall, however, the earnings season so far has been better than expected.

By sectors, reigned the losses; the biggest drops were for energy and raw materials, which dropped 2% and 1.8%, respectively. While the only increase was for the toilet, which advanced 0.77%.

Among the 30 values ​​of the Dow Jonesthe biggest losses were for Goldman Sachs (-2.82%) and JPMorgan Chase (-2.25%), while the biggest gains were for Amgen (3.14%) and Merck (0.61%).


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