U.S. stocks closed lower after a choppy trading session Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a still-difficult recovery ahead.
S&P 500 could fall by as much as 20% in the coming weeks, Tim Hayes, senior strategist at Ned Davis Research, told Business Insider. "I would expect a decline of 15-20% and then we get a rally that maybe leaves us back where we are around now." Last week all three major Wall Street indices fell due to a sell-off in big US tech stocks. Hayes said the valuations are very optimistic. But he expects stocks to pick up after November once the US election is over.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
Equity benchmark indices closed in the negative zone on September 09 following losses in Asian markets after yesterday's rout in Wall Street. Forecasts of double-digit contraction by several global rating agencies in FY21 GDP, rising coronavirus cases and geopolitical tensions drove investors to safer assets. The BSE SandP Sensex closed 171 points or 0.45 per cent lower at 38,194 while the Nifty 50 was down by 39 points or 0.35 per cent at 11,278. Most sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank slipping by 2.5 per cent, private bank by 1.7 per cent and financial service by 1.8 per cent. But Nifty pharma gained by 1.9 per cent and metal ticked up by 1.2 per cent. Among stocks, State Bank of India was the top loser after dropping by 4 per cent to Rs 195.70 per share. Axis Bank slipped by 2.7 per cent, ICICI Bank by 2.2 per cent, Bajaj Finserv by 2.9 per cent and Bajaj Finance by 1.9 per cent.AstraZeneca Pharma India's stock closed 3.2 per cent down to Rs 4,080 per unit after its parent company voluntarily paused a randomised clinical trial of a coronavirus vaccine after a volunteer developed an unexplained illness.
France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved. Fred Katayama reports.
The Trump administration will ban WeChat and video-sharing app TikTok from U.S. app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat. Fred Katayama reports.
China's ByteDance faces an uphill struggle to convince the White House to allow it to keep majority ownership of its popular short video app TikTok in the United States, according to former national security officials and regulatory lawyers. Fred Katayama reports.
U.S. consumer spending slowed in August, with a key retail sales gauge unexpectedly declining, as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the COVID-19 recession was faltering. Fred Katayama reports.
Credit: Reuters Studio Duration: 01:16Published
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