Skip to content
Biography-Profile

Biography-Profile

Snap Into A Slim Business

Primary Menu
  • Insurance Regulatory
  • Insurance Journal
  • Insurance Insider
  • Business News
  • Finance
  • Crypto
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Stocks resume declines after China data disappoints
  • Yahoo Finance

Stocks resume declines after China data disappoints

By Gerri 3 years ago

Table of Contents

  • 9:34 a.m. ET: Stocks open lower
  • 7:45 a.m. ET Monday: Stock futures resume declines

U.S. stocks traded lower on Monday, with equities resuming a downward slide as concerns over the growth outlook persisted amid elevated inflation.

The S&P 500 declined by about 0.3% just after the opening bell. The Nasdaq dropped 0.5%, as mega-cap technology companies including Apple (AAPL) fell. The Dow Jones Industrial Average traded little changed to slightly lower.

U.S. crude oil prices (CL=F) erased earlier losses to trade higher even after new economic data from China came in weaker-than-expected, as the latest wave of virus-related restrictions in the country curbed mobility. China’s retail sales dropped by 11.1% in April over last year, marking the worst decline since March 2020, while industrial production unexpectedly dropped by 2.9% compared to the same month last year.

The move lower in risk assets on Monday extended a recent stretch of volatility across markets. Stocks closed out last week with a sixth consecutive weekly loss, bringing the S&P 500 a total of 16.1% below its record high from Jan. 3. This has come, in turn, as investors weighed the risks of a deeper economic downturn as the Federal Reserve looks to curb inflation running near its hottest level in four decades, geopolitical turmoil continues in Ukraine, and China grapples with its largest COVID outbreak since 2020.

And amid these concerns, Wall Street analysts have struck a more cautious tone on stocks. Goldman Sachs slashed its year-end price target on the S&P 500 to 4,300 from 4,700 in a new note. The lowered target reflects “higher interest rates and slower economic growth than we previously assumed,” according to David Kostin, Goldman Sachs chief U.S. equity strategist. And in a recession scenario, Kostin added, the S&P 500 would likely fall even further to 3,600.

Other strategists also underscored the plethora of current risks to equities, and cautioned against reading too deeply into one-day bounces.

“We think the turning point is really an open question at this juncture. We’re probably between what we would call two repricings: Repricing one is the Federal Reserve-induced repricing,” Eric Freedman, U.S. Bank Asset Management chief investment officer, told Yahoo Finance Live. “When the Fed says they’re going to raise rates, every other asset class has to move down in price and up in yield. So we’re really in the middle of that. There could be a turning point there, depending on what the Fed decides to do in terms of communications.”

“But the next repricing — again, the risk of potential more downside — is if we start to see higher commodity costs as well as higher borrowing costs structurally trickle into the real economy and stay there for some time,” he added. “So do think that we’re in a deeply oversold condition … but we would still be a bit on the cautious side right now thinking that there’s more potential downside ahead.”

—

9:34 a.m. ET: Stocks open lower

Here were the main moves in markets as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): -14.32 (-0.36%) to 4,009.57

  • Dow (^DJI): -57.11 (-0.18%) to 32,139.55

  • Nasdaq (^IXIC): -81.09 (-0.69%) to 11,723.92

  • Crude (CL=F): Unchanged at 110.49

  • Gold (GC=F): -$4.20 (-0.23%) to $1,804.00 per ounce

  • 10-year Treasury (^TNX): -2.2 bps to yield 2.9130%

—

7:45 a.m. ET Monday: Stock futures resume declines

Here’s where markets were trading ahead of the opening bell Monday morning:

  • S&P 500 futures (ES=F): -9.75 points (-0.24%) to 4,010.00

  • Dow futures (YM=F): -26 points (-0.08%) to 32,094.00

  • Nasdaq futures (NQ=F): -42.50 points (-0.34%) to 12,340.25

  • Crude (CL=F): -$1.07 (-0.97%) to $109.42 a barrel

  • Gold (GC=F): -$5.10 (-0.28%) to $1,803.10 per ounce

  • 10-year Treasury (^TNX): -1.4 bps to yield 2.919%

NEW YORK, NEW YORK - MAY 12: Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. The Dow Jones Industrial Average fell in morning trading as investors continue to worry about inflation and other global issues.  (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MAY 12: Traders work on the floor of the New York Stock Exchange (NYSE) on May 12, 2022 in New York City. The Dow Jones Industrial Average fell in morning trading as investors continue to worry about inflation and other global issues. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Tags: "Succeeded His Business", 2 Of Cups Business, 525 Business 5 Bankruptcies, Accounting Business Letter To Client, Bracken Business Communications Clinic, Business Account No Deposit, Business Administration Fafsa, Business Balance Sheet Explained, Business Card, Business Card Printing La Plata, Business Card To Secret Website, Business Cards Media Bar, Business Central Png, Business Coaching Site Cloudfront, Business Contract Lawyer 47201, Business Marketing Pearson Quizlet, Business Milleage Leager 18, Business Mobile Broadand Plans, Business Plan For Supplement Company, Business Plan Loan Originayor, Disrupting Digital Business Harvard, Ffiec Business Continuity Templates, Gauge Ear Piercing Business, Good Openings For Business Letters, Holton Investment Business, Indiana Wesleyan University Business, Indianapolis Business Times, List Business In Search Engines, List My Business Yahoo, Lunch Susbcription Business Model, Morgan Hill Business Liocense Renewal, Nee Small Business Bill Signed, Negotiating Business Acquisitions Practical Law, Networking Trends Small Business, New Business In Shorewood Il, School Business Officer Being Unethical, Small Business Administration Mass, Small Business Comunity, Small Business Corporation South Africa, Small Business Depew Llc, Small Business Medical Offices Chicago, Small Business Office Lakewood Nj, Small Business Plans Verizon, Small Business Storage Array, Small Business Sucess Stories, South Florida Business Journal Twitter, Torrington Ct, United Business Tech Response Sla, United Domestic Business Food, Video Business Woman Bukkake, Ways To Improve Business Technologyreddit

Continue Reading

Previous A Marketer’s Guide To Video Codecs
Next Franklin Templeton CEO Jenny Johnson says active management pays off during extreme volatility
May 2025
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031  
« Apr    

Archives

Categories

  • Advertise
  • Business News
  • Crypto News
  • Insurance Insider
  • Insurance Journal
  • Insurance Regulatory
  • Lifestyle
  • software
  • Yahoo Finance

Recent Posts

  • Finance Secrets for Smart Money Moves
  • The US Economy and the Ongoing Trade War
  • Must-Read Business News for Smart Investors
  • Inside the Industry with Insurance Journal Updates
  • The Effect of US-China Tariffs on Consumer Products

bayar.ooo

Intellifluence Trusted Blogger

BL

Partner Links

cryptobip
motortypes

links

Explore Your Treck Wander
Capture Your Explore Snap

BR

almondagent
opulenttrips

bp

backlinkplacement.com

biography-profile.com | Magazine 7 by AF themes.

WhatsApp us