Tue, May 21, 2024

Stock Exchanges Down after Economic Data | WibestBroker

Stock exchanges concept – blue charts – wibestbroker

Stock exchanges around the world made big moves yesterday as various data flocked the markets.

Over in Wall Street, US stocks faltered as weak manufacturing data fanned fears of growth slowdown. The Dow, S&P, and NASDAQ all appeared weak at the beginning of the session.

The Dow opened around 160 points lower, while the S&P 500 lost around 17 points. NASDAQ 100 dropped around 0.7%.

This week, both the Dow and S&P 500 suffered their worst falls in more than a month. It came after the US manufacturing activity shrank to its weakest in more than a decade.

This confirms the traders’ suspicion that the US isn’t immune to the manufacturing slowdown in Europe and China.

This Friday, the markets will be awaiting the non-farm payrolls report. The data will provide further insights to the current health of America’s economy.

Stock Exchanges and Corporate News

In corporate news, French company Suez is planning to boost its earnings by cutting 1 billion euros in costs. This move came after activist hedge demanded the company to revamp its business.

TD Ameritrade plummeted 3.8% after saying tit would follow Charles Schwab in ending trading US stocks, ETFs, and options.

According to a report, analysts from Barclays cut 30% of their forecast for Ameritrade’s 2020 earnings per share.

Stars Group gained 35% after sealing a deal to merge with Flutter Entertainment, a UK company. This will put the group in a solid position to open the US market for gambling.

Johnson & Johnson also rose up, gaining 1.0%. It decided to settle two lawsuits in Ohio for $20 million, effectively letting it avoid a federal trial.

Exxon Mobil, on the flipside, lost 1.0% after its operating profit guidance. It said that the operating profit may have fallen for the fourth straight quarter in September.

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