© Reuters. FILE PHOTO: The New York Stock Exchange appears in the Manhattan district of New York City, New York, USA, on April 16, 2021. REUTERS / Carlo Allegri
By Devik Jain
(Reuters) -The Dow and the United States were due to break the record highs on Monday, as scarce data from China sparked fears of a slowdown in global growth and hurt parts of sectors closely tied to the health of the American economy.
The data showed that retail sales, industrial production and urban investment in China lost forecasts, signaling the impact of the rapidly expanding Delta variant of the coronavirus and dropping the prices of the coronavirus. oil and other commodities.
Shares of energy companies Conocophillips (NYSE :), Exxon Mobil (NYSE :), Chevron Corp (NYSE 🙂 and Schlumberger NV (NYSE 🙂 fell about 1%. Freeport-McMoRan (NYSE :), the world’s largest listed producer, lost 2.6%.
Interest rate lenders Bank of America Corp (NYSE :), JPMorgan Chase & Co (NYSE :), Wells Fargo (NYSE 🙂 & Co i Citigroup Inc. (NYSE 🙂 fell between 0.6% and 0.8%. [US/]
“The expectation is that Delta can slow things down … the concern is how much, not only in China, but also around the world, it could be affected by the Delta variant and that is yet to be decided,” he said. say Sam Stovall, chief investment strategist at CFRA.
The rapid spread of the Delta variant has darkened market sentiment recently, with a survey last week showing that US consumer sentiment fell sharply in early August to its lowest level in a decade.
Coronavirus cases in the United States rose at least 37,024 on Sunday to a total of 36.85 million, according to a Reuters account.
Cruise operators Royal Caribbean (NYSE 🙂 Group, Norwegian Cruise Line (NYSE 🙂 Holdings and Carnival (NYSE 🙂 Corp. fell between 1.9% and 2.7%. Delta Air lines Inc, United Airlines and American Airlines (NASDAQ 🙂 Group fell between 1.3% and 1.5% after gaining earlier this year in hopes of boosting travel.
At 8:33 am ET, they were down 141 points, or 0.4%, down 16.25 points or 0.36% and down 50.75 points or 0.34%.
US equities hit new highs in recent sessions, as investor confidence in a recovery was bolstered by a strong earnings season, approval of a large infrastructure bill and data showing inflation was rising at a slower pace than feared.
The S&P 500 stock index, which houses shares that will benefit more from an economic rebound, and its technological growth counterpart, has gained 1.9% and 1.4% respectively, so far in August .
“Right now, the market is spinning its wheels as it tries to figure out how likely it is to have the intermediate direction in the longer term,” Stovall said.
Business earnings reports included Goal Corp (NYSE :), Walmart (NYSE 🙂 Inc, Home Depot Inc (NYSE :), Robinhood Markets Inc. (NASDAQ :), Nvidia (NASDAQ 🙂 Corp. and Macy’s Inc. (NYSE 🙂 are due to file later this week.
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