US: Stocks end lower after tepid consumer data
WALL Street stocks fell again on Tuesday, weakening in the final hour of trading following lackluster US consumer data.
US consumer confidence dipped slightly in March, according to the Conference Board, underperforming analyst expectations. The survey pointed to concerns about inflation and the US political environment.
The Dow Jones Industrial Average ended down 0.1 per cent at 39,282.33.
The broad-based S&P 500 declined 0.3 per cent to 5,203.58, while the tech-rich Nasdaq Composite Index dropped 0.4 per cent to 16,315.70.
Some saw the drop at day’s end as an indication of fatigue with the months-long rally in equities.
Among individual companies, Boeing fell 2.0 per cent after Moody’s placed it on review for a possible downgrade, citing the aviation giant’s worsening cash outlook following a serious Alaska Airlines safety incident that has slowed production of new planes.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
UPS sank 8.2 per cent on disappointment with the logistics giant’s outlook. Chief executive Carol Tome told CNBC that the company’s profit picture would improve after a near-term hit from a more costly labor contract with the Teamsters union.
Trump Media & Technology Group surged 16.1 per cent in its Nasdaq debut, setting the stage for a big potential windfall for the former president. AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Hong Kong woos Saudi money in attempt to revive stock market
Brokers’ take: Analysts positive on Aims Apac Reit’s prospects; trim targets on lower earnings estimates
Yen’s fragility raises spectre of a new currency war in Asia
HKEX’s new CEO is betting on big IPOs coming back
Asian junk bond sales are hottest in five years on India boom
Hot stock: AEM hits 4-year low after Q1 earnings miss