Wall Street ends in the red after disappointing US indicators

Le Fonti TV – The Live Streaming TV 2-17-21
February 17, 2021
US STOCKS-Wall St set for higher open as tech finds respite at end of torrid week
February 19, 2021

Wall Street ends in the red after disappointing US indicators

The New York Stock Exchange concluded lower Thursday digesting US indicators and disappointing corporate results.

According to final results, the index of flagship stocks Dow Jones lost 0.38% to 31,493.34 points. The Nasdaq, with a strong technological coloring, dropped 0.72% to 13,865.36 points and the S&P 500 dropped 0.44% to 3,913.97 points.

Wall Street, which had started more badly, reduced its losses a little in the second part of the session.

“We had disappointing results from Walmart,” said Peter Cardillo of Spartan Capital Securities as the retail giant reported a decline in earnings per share despite strong sales growth.

The title, a heavyweight in the Dow Jones index, lost 6.41% to 137.77 dollars.

Added to this was a series of mixed US indicators.

Unemployment claims rose over a week contrary to expectations.

Between February 7 and 13, 861,000 people registered as unemployed, while analysts expected 775,000.

New housing starts fell in January, for the first time since August, dropping 6% from December.

Finally, a sign of a warming in prices, the import price index for January rose 1.4%, the largest increase since 2012. Even after removing oil prices which have risen sharply in recent weeks , the increase in prices imported to the United States is 0.9%.

Yields on 10-year Treasuries remained feverish, climbing above 1.31% in the morning before settling around 1.28% at the end of the session.

This nervousness over money rates is being interpreted as a sign that investors are worried about the economy overheating with the massive $ 1.9 trillion support plan planned that could initiate a resurgence in inflation.

“The market is struggling with this rebound in bond yields right now,” observed Peter Cardillo. “I’m not sure this is the start of a correction, so far it’s just a break,” added the analyst.

The stock of video game distributor Gamestop fell 11.41% to $ 40.70 after being the center of a marathon hearing Thursday by a Congressional Finance Committee on the implications of the speculative fever that had shaken the stock and New York Square last month.