US Stocks Slip as Weak Retail Sales Deepen Slowdown Worries Amid Oil Spike
A weak retail sales report and a 1.7% rise in Brent crude added to worries about slowing growth and inflation, AP reports.
- Stocks on Wall Street slipped Friday as retail sales declined and energy prices rose, with The Dow falling 0.2% to 53,732.41 and The Nasdaq dropping 0.3% to 26,729.16.
- Retailers reported lower spending last month than the month before, signaling a loss of consumer momentum at the start of Q3. Reports earlier this week suggested Inflation is decelerating, but the latest data shows contraction.
- Brent crude rose 1.7% to $88.52 as uncertainty continues about when conflict involving Iran will allow oil tankers to freely exit the Persian Gulf. Geopolitical volatility added inflationary pressure to energy markets.
- Applied Materials shares fell 5.1% despite reporting stronger profit and revenue than analysts expected. CEO Gary Dickerson said global hunger for artificial intelligence technology helped deliver another record quarter.
- Reddit shares jumped 12.6% after the company announced its stock will join a major index on Tuesday. Many professional investors track this index, often mimicking it or measuring performance against it.
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Stocks Slip After Retail Report
The US stock market edged back from its all-time high Friday following the latest report on the economy to come in surprisingly weak, this time about how much shoppers are spending at retailers. The Dow fell 107.58 points, or 0.2%, to 53,732.41, closing out the week...
On the 14th (local time), the New York stock market fell slightly as concerns about an economic slowdown intensified due to sluggish consumer spending indicators. On this day, the Dow Jones 30 Industrial Average closed at 53,732.41, down 107.58 points (0.20%) from the previous close. The Standard & Poor's (S&P) 500 index fell 13.23 points (0.17%) to 7,785.76, and the technology-heavy Nasdaq Composite Index
Channel News Asia
Free Malaysia Today NewsStocks slip in cautious trading after weak US retail sales data
NEW YORK: Stock markets retreated in sparse summer trading Friday (Aug 14), with the uncertain outlook for the Middle East war and the US economy prompting investor caution ahead of the weekend.Oil prices turned higher and investors braced for further volatility as US and Iranian officials
New York stock exchanges closed with small losses on Friday. Investors focused on new macroeconomic figures regarding American consumers. These revealed, among other things, that retail sales in July had fallen unexpectedly compared to the previous month.
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