Weak data, earnings push stocks down; oil drops

zA

In this news, we discuss the Weak data, earnings push stocks down; oil drops

.

NEW YORK (Reuters) – A gauge of equities across the world slipped from record highs on Friday and the dollar rallied slightly from a basket of peers as weak economic data and disappointing earnings pushed investors to cancel some recent risky bets.

Oil prices fell at the end of the week and the dollar index posted its biggest weekly decline in five weeks.

Technology stocks weighed the most on the S&P 500, with IBM and Intel posting declines of 10% and 9%, respectively, after disappointing earnings.

Energy stocks also fell on Wall Street, alongside the price of crude.

As stock valuations approach levels not seen in two decades, some market participants have said that new variants of COVID-19 and the hiccups in vaccine rollouts pose short-term risks for stocks.

“If we are forced to keep the economy closed and it takes longer than we would like for vaccinations and coronavirus vaccinations, it will be a little more difficult in the market than people apparently expected. Said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle.

The Dow Jones Industrial Average fell 179.03 points, or 0.57%, to 30,996.98, the S&P 500 lost 11.6 points, or 0.30%, to 3,841.47 and the Nasdaq Composite added 12.15 points, or 0.09%, at 13,543.06.

The three major US indices closed higher for the week, with the Nasdaq up more than 4%.

The recent gains have come hand in hand with expectations of a nearly $ 2 trillion stimulus package for the US economy. President Joe Biden said on Friday that the U.S. economic crisis was deepening and the government must take major action now to help struggling Americans.

The pan-European STOXX 600 index fell 0.57% on Friday after a survey showed economic activity in the eurozone declined markedly in January, with the services sector weighed down by lockdown restrictions to contain the pandemic coronavirus. [.EU]

The MSCI indicator of equities around the world fell 0.44%.

Emerging market equities lost 0.94%. The broadest MSCI index of Asia-Pacific equities excluding Japan closed 0.85% lower, while Nikkei futures fell 0.23%.

The dollar index rose 0.14%, the euro up 0.03% to $ 1.2166, while the British pound last traded at $ 1.3683, down 0.36% on the day.

The Japanese yen weakened 0.28% against the greenback to 103.78 per dollar.

Overnight data from Japan showed factory activity contracted in January and the service sector was more pessimistic as emergency measures to tackle a COVID-19 resurgence hit the feeling.

In the commodities sector, oil prices have been weighed down by rising crude inventories in the United States and fears that further pandemic restrictions in China will reduce fuel demand from the world’s largest oil importer. [O/R]

US crude fell 1.94% to $ 52.10 a barrel and Brent was at $ 55.21, down 1.59% on the day.

“The pandemic appears to continue to develop in a second wave in China, with infections increasing day by day and again reaching different regions such as Shanghai,” said Louise Dickson, oil markets analyst at Rystad Energy.

The benchmark 10-year notes last rose 6/32 to a return of 1.0872%, from 1.107% on Thursday night.

Spot gold fell 0.9% to $ 1,853.41 an ounce. Silver fell 1.98% to $ 25.43.

The latest Bitcoin rose 9.06% to $ 33,610.83.

Report by Rodrigo Campos in New York; Additional reporting by Gertrude Chavez-Dreyfuss, Echo Wang, Herbert Lash and Laura Sanicola in New York; Edited by Chizu Nomiyama and Matthew Lewis

Original © Thomson Reuters

Disclaimer: If you need to update/edit/remove this news or article then please contact our support team Learn more

For Latest Updates Follow us on Google News

Read Next News
  • Show all
  • Trending
  • Most Viewed

Japanese billionaire allows eight people to fly with him on SpaceX lunar flight

Japanese billionaire Yusaku Maezawa announced on Tuesday that he will choose eight members of the public to join him on a trip around the moon, ...

What is next for DP Ruto?| Press review

Kenya #KTNNews #KTNPrime SUBSCRIBE to our YouTube channel for more great videos: Follow us on Twitter: ...News Highlights: What is next for ...

Texas Governor: ‘Removing State Mandates Does Not End Personal Responsibility' |

Texas Gov. Greg Abbott announced that the statewide mask mandate is over. The governor will allow businesses to open at 100 percent capacity on ...

Best Dell Laptops

Finding the best Dell laptop of 2020 isn't an easy task - Dell releases multiple top quality laptops every year, so whether you're shopping for a ...

Girnar Care introduces period leaves for ten days for women staff

In this news, we discuss the Girnar Care introduces period leaves for ten days for women staff. ...

Jamhoor With Fareed Raees | 23 January 2021 | Neo News

Neo is your primary source for staying updated with everything happening in Pakistan and all around the world.News Highlights: Jamhoor With ...

Show next
Bollyinside - US Local News & Breaking News Stories
Logo
Compare items
  • Total (0)
Compare
0
Shopping cart