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U.S. Stocks Fall on Worries About Economic Slowdown in China

Published 08/15/2022, 09:50 AM
Updated 08/15/2022, 09:56 AM
© Reuters.

© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks fell Monday ahead of a big week of earnings from major retailers and after weak economic data out of China raised concerns about an economic slowdown.

At 10:16 ET (14:16 GMT), the Dow Jones Industrial Average was down 36 points, or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.3%.

China’s central bank cut lending rates unexpectedly. The second-biggest economy is struggling with factory and retail activity slowed by Covid-19 shutdowns.

In the U.S., reports from retailers including Walmart Inc (NYSE:WMT) and Target Corporation (NYSE:TGT) will help investors measure of the strength of the consumer sector after an unexpectedly strong labor report for July and an inflation reading that showed prices cooling from June.

Officials from the Federal Reserve will meet later this month at their annual conference in Jackson Hole, Wyo., and then again in September to decide the direction of interest rates after raising their benchmark rate 0.75 percentage points in both June and July.

Before that, the Fed will publish the minutes of its July meeting this week.

Disney shares jumped 2% after a report that Dan Loeb's Third Point had taken a new stake in Walt Disney Company (NYSE:DIS), suggesting a spin off of ESPN. Loeb has previously held a stake in Disney.

Exxon Mobil Corp (NYSE:XOM) shares fell more than 4% as oil slumped. Other oil company stocks were also falling, including Chevron Corp (NYSE:CVX), down 3.5%.

Crude was crumbling. Crude Oil WTI Futures fell 5%, to $87.56 a barrel, while Brent crude was down 4.6% to $93.60 a barrel. Gold Futures fell 1.2% to $1792.

Latest comments

I guess all the global recession talk wasn't enough to rattle markets. Maybe tomorrow some fresh negative GDP will boost the DOW to 34,000.
*is
Those stupid people claimed Biden caused US inflation, but they're wrong as shown by fact inflation has been global, not US-only.
i cant see biden is nothing more than a barking dog... he messed the whole world what trump administration couldn't do.. trump is really a failure...
Markets can never go down. Everything is awesome.
Is Tesla not a US stock,but has been gaining
Swear to GOD, those market rally manipulators should be investigated, following regime changed. It should be.
After a regime change, the gov't & only the gov't will be doing the manipulation.
God and Sword, what else is going to come from your declarations ... swarms of locusts or the parting of the see🤣
@Jami An: Did you ever take your bomb jacket to Walk Street?
fuk day trading. Long term investing is how you secure security. Buy hold wait. End of story.
lol 😆😆🤣 mkt absorved your useless information.
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S&P500 over 4300 this week ))
lol see how long this red lasts...
Worries are good Worries are always bullish Long just buy ;-)
stocks can never go down. to the moon every day highs
New headlines please!
Why?  S&P has been red today.
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