NEW YORK: Wall Street stocks finished a choppy session lower Monday amid lingering doubts over the market’s prospects following last week’s volatility.
Of the major averages, the tech-rich Nasdaq Composite Index was the biggest loser, shedding 0.9 percent to end the day at 7,430.74.
The Dow Jones Industrial Average shed 0.4 percent to close at 25,250.55, while the S&P 500 lost 0.6 percent to 2,750.79.
The Dow and S&P 500 spent part of the day in positive territory, as investors questioned whether the market was ready to turn the page after last week’s pullback.
Analysts attributed the turbulence last week — the stock market’s worst since March — to worries over rising US interest rates and the fallout from trade wars.
Canaccord Genuity predicted US stocks would remain under pressure, while CFRA Research wrote that “the full decline might not be over.”
A Goldman Sachs note released Sunday was more upbeat, saying equity fundamentals were “strong” and predicting “limited further downside.”
US data showed retail sales in September inched higher by 0.1 percent, well below the 0.6 percent gain projected by analysts, although there was some good news in the details.
IHS Markit trimmed its forecast for the US holiday shopping season to 4.7 percent growth from the prior 5.0 percent projection, citing higher gasoline prices and the drag on discretionary spending following the pullback in the stock market.
Bank of America fell 1.9 percent even as it reported a 35.1 percent jump in third-quarter earnings to $6.7 billion, a pre-tax record for the bank. Analysts cited underperformance in investment banking as a drag on shares.
The earnings calendar this week includes Goldman Sachs, Procter & Gamble and Netflix.
Post Views:
4
Source: Brecorder
