You are here

US: Stocks end lower after volatile session

331632158_0-4.jpg

[NEW YORK] Wall Street stocks finished a choppy session lower Monday amid lingering doubts over the market's prospects following last week's volatility.

Of the major averages, the tech-rich Nasdaq Composite Index was biggest loser, shedding 0.9 per cent to end the day at 7,430.74.

The Dow Jones Industrial Average shed 0.4 per cent to close at 25,250.55, while the S&P 500 lost 0.6 per cent to 2,750.79.

The Dow and S&P 500 spent part of the day in positive territory, as investors questioned whether the market was ready to turn the page after last week's pullback.

Analysts attributed the turbulence last week - the stock market's worst since March - to worries over rising US interest rates and the fallout from trade wars.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

Canaccord Genuity predicted US stocks would remain under pressure, while CFRA Research wrote that "the full decline might not be over."

A Goldman Sachs note released Sunday was more upbeat, saying equity fundamentals were "strong" and predicting "limited further downside."

US data showed retail sales in September inched higher by 0.1 per cent, well below the 0.6 per cent gain projected by analysts, although there was some good news in the details.

IHS Markit trimmed its forecast for the US holiday shopping season to 4.7 per cent growth from the prior 5.0 per cent projection, citing higher petrol prices and the drag on discretionary spending following the pullback in the stock market.

Bank of America fell 1.9 per cent even as it reported a 35.1 per cent jump in third-quarter earnings to US$6.7 billion, a pre-tax record for the bank. Analysts cited underperformance in investment banking as a drag on shares.

The earnings calendar this week includes Goldman Sachs, Procter & Gamble and Netflix.

AFP

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes