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Dow falls 100 points as inflation fears overshadow strong earnings

by 198usanews_v1nkmf
July 16, 2021
in USA NIGERIA NEWS
2 min read
0
Dow falls 100 points as inflation fears overshadow strong earnings
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U.S. inventory indexes gave up their positive aspects on Friday as a worse-than-expected shopper sentiment studying overshadowed robust retail gross sales numbers and earnings experiences.

The Dow misplaced about 115 factors, or 0.33%, after opening above the 35,000 stage. The S&P 500 dipped round 0.3% and the Nasdaq Composite edged 0.4% decrease.

The S&P 500 and Nasdaq Composite are on observe to shut the week within the crimson, down roughly 0.5% and 1.4%, respectively. The Dow is little modified on the week.

The U.S. shopper sentiment index from the College of Michigan got here in at 80.8 for the primary half of July, down from 85.5 final month and worse than economists estimated, who projected a rise.

The survey launched Friday confirmed inflation expectations rising with shoppers believing costs will improve 4.8% within the subsequent yr, the very best stage since August 2008.

“That weak point is at face worth exhausting to sq. with the acceleration in employment development and the continued resilience of the inventory market,” mentioned Andrew Hunter, senior U.S. economist at Capital Economics, however the report “steered that considerations over surging inflation at the moment are outweighing these constructive traits.”

The most recent inflation numbers launched earlier this week confirmed the buyer value index rose 5.4% in June from a yr in the past, the quickest tempo in almost 13 years.

Inflation fears appeared to overshadow a powerful retail gross sales report launched Friday and indicators of enhancing employment. Retail and meals service gross sales rose 0.6% in June, whereas economists surveyed by Dow Jones had anticipated a 0.4% decline. Preliminary jobless claims numbers launched Thursday totaled 360,000 for the week ending July 10, its lowest stage since March 14, 2020.

Weaker efficiency from expertise shares additionally weighed available on the market. Shares of Netflix fell forward of the streaming big’s second-quarter earnings report subsequent week. Nvidia shares additionally dropped.

Inventory picks and investing traits from CNBC Professional:

Buyers digested robust earnings outcomes from the primary main week of second-quarter experiences. Although among the nation’s largest corporations posted wholesome earnings and revenues amid the financial restoration, the response within the inventory market has to date been muted.

The Monetary Choose Sector SPDR Fund is down about 0.8% this week regardless of massive revenue development numbers posted by the likes of JPMorgan Chase and Financial institution of America.

For 18 S&P 500 corporations that beat analyst estimates for second-quarter earnings this week, the typical earnings-per-share end result was 18% larger than anticipated. However these corporations noticed their shares fall 0.58% on common after reporting.

A lot of the market’s upward stress during the last week has come from a handful of mega-cap web and communications shares. Apple, Netflix, Google-parent Alphabet and Microsoft are all up this week.

— CNBC’s Michael Bloom contributed reporting.

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