US: Stocks mostly fall on weaker growth outlook

WALL Street stocks mostly slipped on Tuesday following a downcast World Bank forecast and US trade data that suggested slower economic growth.

The World Bank projected global growth would slow to 2.4 per cent in 2024 from the estimated 2.6 per cent last year, due in part to weaker activity in the United States and China.

Meanwhile, US trade data from November showed drops in both imports and exports, reflecting a weakening economic outlook.

The Dow Jones Industrial Average ended down 0.4 per cent at 37,525.16.

The broad-based S&P 500 shed 0.2 per cent to 4,756.50, while the tech-rich Nasdaq Composite Index edged up 0.1 per cent to 14,857.71.

Adam Sarhan of 50 Park Investments said markets could be poised for an uptick depending on the coming wave of earnings.

“Today, the market is waiting for the big bullish catalyst to come and that’s earnings,” Sarhan said.

The majority of S&P 500 sectors finished in the red. But some large tech names advanced, including Amazon, Google parent Alphabet and chipmaker Advanced Micro Devices, all of which gained more than one percent.

Boeing shares fell 1.4 per cent after United Airlines and Alaska Airlines reported loose hardware on Boeing 737 MAX 9 planes grounded following an emergency landing last week on an Alaska jet.

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Microchip Technology fell 0.4 per cent as it disclosed that third-quarter revenues would be lower than previously expected due to a “weakening economic environment” that led to fewer than planned deliveries to customers. AFP