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Friday, December 3, 2021

US stocks fall on weak China data, mixed retail earnings

US stocks fall on weak China data, mixed retail earningsNEW YORK: Wall Street stocks fell early Tuesday following lackluster Chinese economic data and mixed earnings from leading US retailers ahead of the key holiday shopping season.

China’s industrial output expanded 6.2 percent year-on-year in October, slowing from September and below analyst expectations, raising worries about the world’s second biggest economy.

But annual US wholesale inflation rose in October to its highest level in more than five years.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,367.91, down 0.3 percent.

The broad-based S&P 500 dropped 0.4 percent to 2,575.69, while the tech-rich Nasdaq Composite Index fell 0.3 percent to 6,736.22.

Home-improvement retailer Home Depot advanced 0.1 percent as it lifted its full-year earnings projections following a sales surge in the wake of US hurricanes.

But TJ Maxx parent TJX fell 3.2 percent after reporting flat comparable sales in the third quarter, well below the five percent gain in the year-ago period.

Dow member General Electric lost another 2.5 percent after plunging Monday as a long-anticipated turnaround plan by new chief executive John Flannery fell short of expectations.

Copyright AFP (Agence France-Press), 2017

Source: Brecorder.com

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