Wall Street Falls From the Beginning – E24

The status is updated throughout the day

The month of February was marked by a gloomy mood among Wall Street investors. The Dow closed down four percent for the month, and one percent lower since the start of the year. The S&P 500 and Nasdaq can boast of an increase since the new year, but they fell 2.5 and 1 percent, respectively, in February.

The first trading day in the first spring month of the year also begins with a decline for the three major indices:

• The Dow Jones Industrial Average fell 0.2 percent
• The technology-heavy Nasdaq index fell 0.13 percent
• The S&P 500 fell 0.3 percent

Electric vehicle company Rivian is among the losers in the stock market after short hours. The share fell more than nine percent after the latest quarterly figures. Rivian had sales of $663 million in the fourth quarter, which was lower than expected. At the same time, the deficit was smaller than expected.

For 2023, Rivian expects to produce 50,000 vehicles. It will be nearly double the amount of last year, but less than many analysts’ predictions of about 60,000, he writes. CNBC.

Vaccine maker Novavax stock fell 26 percent, after the company said that “there are significant doubts about our ability to operate as a going concern” over the next year, according to a report. CNBC.

The highest production in China in ten years

In Asia, there was a big rally in stocks after the latest PMI figures from China surprised to the upside.

The level of production in Chinese factories has not been higher since April 2012 than expected for February, according to the latest figures from the Chinese Bureau of Statistics.

The high level of production comes after the reopening of Chinese society at the end of last year, after nearly three years of strict measures to confront Corona.

The index measuring manufacturing (PMI) jumped to 52.6 from 50.1 in January. Analysts had previously expected it to fall to 50.5 in February.

The forecast reinforced the view that China, the world’s second-largest economy, will recover strongly now that business and people are traveling again.

The higher PMI reading partly reflects the economy’s weak starting point and is likely to ease as the pace of recovery slows. We had already expected to catch up quickly, but recent data suggests that our above-consensus forecast for 5.5 percent growth this year may be too conservative, China economist Julian Evans-Pritchard writes in Capital Economics, according to TDN. direct.

Price growth remains high in Germany

Price growth in Germany was 8.7 percent in February, compared to the same month last year. Raw numbers from German statistical authorities.

It is the same level as in January, and higher than expected.

Economists had predicted in advance that inflation in Europe’s largest economy would fall to 8.5% in February, according to estimates obtained by Bloomberg.