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Home CHINA USA TRADE NEWS

U.S. stock futures dip after Dow, S&P 500 close at record highs

by 198 China News
August 17, 2021
in CHINA USA TRADE NEWS
2 min read
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Merchants on the ground of the New York Inventory Alternate.

Supply: NYSE

U.S. inventory index futures have been barely decrease throughout in a single day buying and selling Monday, after the Dow and S&P 500 closed at document highs throughout common buying and selling.

Futures contracts tied to the Dow Jones Industrial Common dipped 24 factors. S&P 500 futures and Nasdaq 100 futures have been barely decrease.

The Dow and S&P 500 posted their fifth straight optimistic session on Monday, rising 0.31% and 0.26%, respectively. Every clawed again early losses to hit each intraday and shutting all-time highs. The Nasdaq Composite, nonetheless, declined 0.2% to shut within the pink.

The S&P 500’s transfer throughout Monday’s session is particularly notable because the benchmark index has now doubled from its pandemic closing low on March 23, 2020. This marks the quickest bull-market doubling since World Struggle II, in accordance with calculations from CNBC.

The carefully watched retail gross sales information will likely be launched on Tuesday by the Census Bureau, with the Avenue anticipating the studying to point out a slowdown in July because the delta variant unfold. Economists surveyed by Dow Jones are calling for a 0.3% decline for final month, after June’s studying confirmed a shock 0.6% soar.

Shares have recovered from their pandemic lows at a blistering fee, and a few on Wall Avenue see extra positive aspects forward.

“We stay bullish on shares (significantly cyclicals/worth) because of a powerful earnings season, indicators of receding danger from the delta variant, and normalization of bond-equity correlation,” JPMorgan wrote in a notice to purchasers Monday.

Inventory picks and investing tendencies from CNBC Professional:

Monday’s motion got here regardless of disappointing financial information from China. The nation’s retail gross sales have been up 8.5% 12 months over 12 months throughout July, which was in need of the 11.5% soar economists polled by Reuters have been anticipating.

Goldman Sachs famous that the impacts would seemingly be localized.

“Rising COVID case development is probably going fueling the slowdown seen in China and the decline in manufacturing sentiment, however the financial affect — at the least within the US and Europe — is unlikely to be large,” the agency stated Monday in a notice to purchasers.

Second-quarter earnings season is winding down, however a variety of retailers will present outcomes this week. Dwelling Depot and Walmart are on deck for Tuesday earlier than the market opens. Goal, Lowe’s and Macy’s are among the many names reporting later within the week.

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