Fears of Corona and the shopping brake contributed to a broad decline in Wall Street – E24

Fears of Corona and the shopping brake contributed to a broad decline in Wall Street - E24

Wall Street stocks fell after a particularly bad day of trading.


On Monday, it was a record three-pointer at closing time. On Tuesday, the major indexes fell again. This is what closing time looks like:

  • The Dow Jones Industrial Average fell 0.79 percent
  • The Nasdaq fell 0.93%
  • Standard & Poor’s 500 down 0.70 percent

Yesterday was the peak for the heavy Dow Jones industrial index and broad S&P 500 index. In addition, the closing price has doubled for the S&P 500 since its lowest point in March 2020.

Delta concerns and shopping halts contributed to the declines

US retail trade fell sharply this summer. new Figures from the US Department of Commerce, which came before the stock market opened on Tuesday, showed Americans trading 1.1 percent less in July than in June.

Advance, analysts expected a slight decline of 0.3 percent, according to Reuters.

– People spent money as drunk sailors after transfers from the state and increased wage income. It is now on its way to lower levels, in anticipation of the numbers, chief economist Harald Magnus Andresen at Sparebank 1 Markets said to E24 this weekend.

The fact that the drop was larger than expected may explain Tuesday’s fall in the stock market, as investors see lower future earnings with less trading.

US investors are also showing their fears that the more contagious delta variant of the coronavirus will put sticks in the wheel of economic recovery, he writes. The Wall Street Journal. Writes this variable is already starting to affect the demand Newspaper.

Giant trading companies fell after quarterly results

The world’s largest employer, Walmart, announced new quarterly numbers before the stock market opened. According to CNBC, the company left $1.78 per share, 21 cents above estimates.

The stock closed flat on Tuesday after remaining in negative territory for most of the day.

The drop comes despite the fact that sales were also better than expected and Walmart raised its forecast for the rest of the year.

Home Depot was also in the field with new numbers Tuesday morning. The housing and construction goods giant earned more than expected, with earnings of $4.53 per share.

On Tuesday night, Home Depot stock was still down 4.2 percent. Thus it is the largest contributor to the fall of the Dow Jones Index.

Store-by-store sales rose 4.5 percent in the second quarter, compared to an expected 5.0, according to CNBC.

Building products competitor Lowe’s also fell sharply on Tuesday. The stock was among the stocks that contributed the most to the S&P 500 broadening lower.

Louise ended the day with a share down 5.8 percent.

Read on E24 +

Exchange in the cathedral

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

Leave a Reply

Your email address will not be published. Required fields are marked *