Monday, December 4, 2023

Wall Street opens in the red and the Dow Jones falls 0.57%

Wall Street opens in red this Tuesday and the Dow Jones Industrials, its main indicator, lost 0.57%, thus deviating from the gains achieved yesterday.

Eleven minutes after the start of operations at the NYSEthe Dow Jones stood at 35,104 units and the selective S&P 500 it was down 0.45%, up to 4,469 points.

For its part, the composite market index nasdaqin which the main technology companies are listed, lost 0.23%, to 13,756 integers.

The New York stock market has been affected by the economic data announced Tuesday by China: the industrial production of the Asian giant grew by 3.7% year-on-year in July, a figure that represents a slowdown compared to the data for June (4.4%).

The data for the seventh month of the year was below the more extended forecasts among analysts, who expected an advance of around 4.7% compared to the same period in 2022.

On the other hand, the People’s Bank of China lowered rates by 15 basis points to 2.5%.

Other pundits, like CNBC commentator Jim CrameThey pointed out that another reason for today’s drop is the fourth indictment of the former president and current candidate for the Republican primaries Donald Trump.

On Monday night, a grand jury in Georgia (USA) indicted the tycoon for allegedly trying to manipulate the results of the 2020 election in that state, where Democrat Joe Biden narrowly won. Trump, who accumulates four indictments, already faces 91 charges.

Business results continue this week. today it was the turn of Home Depot and its shares rose 1.79%, after exceeding analysts’ expectations; results from other retail giants like Target and Walmart will come later.

The actions of the banks JPMorgan Chase, Citigroup, Wells Fargo and Bank of America They were lowered this morning as ratings agency Fitch said it could downgrade dozens of banks.

Last week, Moody’s it downgraded the rating of ten regional entities and put the note of other more powerful firms under review.

By sectors, red dominated and the biggest losses were for energy and finance, which fell by 1.59% and 1.06%, respectively.

Among the 30 values ​​of the Dow Jonesthe biggest falls were for Dow (-2.33%) and Caterpillar (-2.11%), while the only gains were for Home Depot, Walmart (0.19%) and Amgen (0.06%).


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