US close: Wall Street closes lower amid Covid consternation
By Josh White
Date: Thursday 24 Sep 2020
(Sharecast News) - Wall Street trading closed weaker on Wednesday. amid heightened restrictions to stem Covid-19 cases in Europe and an ongoing stalemate in negotiations for a second stimulus bill.
At the close, the Dow Jones Industrial Average was down 1.92% at 26,763.13, the S&P 500 slid 2.37% to 3,236.92, and the Nasdaq Composite was 3.02% weaker at 10,632.98.
The Dow closed 525.05 points lower on Wednesday, having opened just above the waterline before dipping into the red before lunchtime..
As lawmakers remained at an impasse on stimulus talks in Washington, Federal Reserve Chairman Jerome Powell warned that the US economy could begin to decelerate in coming months if Congress fails to provide further fiscal stimulus to average Americans.
Powell cautioned Congress' select subcommittee that many economic forecasts relied on fiscal action but also sought to reassure market participants that the Fed would support the economy "for as long as it takes".
Across the pond, news that UK prime minister Boris Johnson had moved to tighten economic restrictions and public health measures in the UK as part of an effort to slow the spread of Covid-19 were also weighing on sentiment, after he warned the nation had reached a "perilous turning point".
Tensions between Washington and Beijing were also in focus, after Donald Trump told the UN General Assembly that China was to blame for "unleashing" Covid-19 onto the world at large.
On the macro front, mortgage applications rose 6.8% across the US in the week ended 18 September, according to the Mortgage Bankers Association, while applications to refinance a home loan increased 8.8% and homebuyer mortgage applications advanced 3.4%.
Elsewhere, July's house price index rose 0.9% year-on-year, according to the Federal Housing Finance Agency, well ahead of the 0.3% expected by analysts.
Lastly, IHS Markit's composite flash PMI revealed that business activity had dipped in September, suggesting a deceleration in economic momentum as its composite PMI output index slipped to a reading of 54.4 this month from 54.6 in August.
The flash manufacturing PMI, on the other hand, increased to 53.5 from 53.1 in August.
In corporate news, sportswear giant Nike was ahead 8.76% posted better-than-expected earnings overnight, driven by an 82% uplift in digital sales.
Tesla shares were down 10.34%, even after controversial CEO Elon Musk said he was expecting full-year vehicle deliveries to increase by 30% to 40% year-on-year.
Johnson & Johnson managed gains of 0.16% after the pharmaceutical and personal care products firm launched a global Phase III trial of its Covid-19 vaccine candidate.
Dow Jones - Risers
Nike Inc. (NKE) $127.11 8.76%
Johnson & Johnson (JNJ) $144.44 0.16%
Dowdupont Inc. (DWDP) $30.52 0.00%
Merck & Co. Inc. (MRK) $82.63 -0.37%
McDonald's Corp. (MCD) $214.97 -0.67%
Pfizer Inc. (PFE) $36.00 -0.69%
Unitedhealth Group Inc. (UNH) $292.14 -0.72%
Procter & Gamble Co. (PG) $136.31 -1.20%
International Business Machines Corporation (CDI) (IBM) $118.83 -1.39%
Verizon Communications Inc. (VZ) $58.91 -1.52%
Dow Jones - Fallers
Chevron Corp. (CVX) $71.95 -4.74%
Apple Inc. (AAPL) $107.12 -4.19%
Boeing Co. (BA) $151.18 -3.58%
Microsoft Corp. (MSFT) $200.59 -3.29%
Exxon Mobil Corp. (XOM) $34.39 -3.21%
Walt Disney Co. (DIS) $123.28 -3.09%
American Express Co. (AXP) $95.56 -2.97%
Coca-Cola Co. (KO) $48.21 -2.92%
Goldman Sachs Group Inc. (GS) $186.12 -2.87%
Cisco Systems Inc. (CSCO) $38.28 -2.64%
S&P 500 - Risers
Nike Inc. (NKE) $127.11 8.76%
Western Digital Corp. (WDC) $38.92 6.72%
Twitter Inc (TWTR) $45.33 6.08%
Under Armour, Inc. (UA) $10.00 4.93%
Under Armour Inc. Class A (UAA) $11.43 4.67%
Quanta Services Inc. (PWR) $51.29 2.42%
Hanesbrands Inc. (HBI) $16.00 2.30%
Invesco Ltd. (IVZ) $10.42 2.26%
H&R Block Inc. (HRB) $14.47 1.97%
Hasbro Inc (HAS) $76.88 1.90%
S&P 500 - Fallers
Albemarle Corp. (ALB) $80.42 -15.56%
Apache Corp. (APA) $11.10 -9.31%
Marathon Petroleum Corporation (MPC) $28.73 -7.44%
FMC Technologies Inc. (FTI) $6.37 -6.19%
Valero Energy Corp. (VLO) $44.51 -6.14%
Pioneer Natural Resources Co. (PXD) $86.90 -6.07%
Occidental Petroleum Corp. (OXY) $10.41 -6.05%
Baker Hughes Company Class A (BKR) $13.53 -6.04%
Marathon Oil Corp. (MRO) $4.21 -5.82%
Freeport-McMoRan Inc (FCX) $14.77 -5.80%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $38.92 6.72%
Hasbro Inc (HAS) $76.88 1.90%
Illumina Inc. (ILMN) $273.00 1.67%
J.B. Hunt Transport Services Inc. (JBHT) $129.63 0.51%
Micron Technology Inc. (MU) $49.85 0.30%
Costco Wholesale Corp. (COST) $344.63 0.05%
Celgene Corp. (CELG) $108.24 0.00%
Shire Plc Ads (SHPG) $179.20 0.00%
Dollar Tree Inc (DLTR) $86.72 -0.09%
Seagate Technology Plc (STX) $47.62 -0.19%
Nasdaq 100 - Fallers
Tesla Inc (TSLA) $380.36 -10.34%
Dish Network Corp. (DISH) $28.59 -5.08%
Align Technology Inc. (ALGN) $308.32 -4.42%
Apple Inc. (AAPL) $107.12 -4.19%
Netflix Inc. (NFLX) $470.61 -4.19%
DENTSPLY Sirona Inc. (XRAY) $42.73 -4.15%
Amazon.Com Inc. (AMZN) $2,999.86 -4.13%
Skyworks Solutions Inc. (SWKS) $133.92 -4.10%
Nvidia Corp. (NVDA) $484.95 -4.07%
Liberty Global plc Series A (LBTYA) $20.47 -3.94%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN