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U.S. Stocks Extend Losing Streak Amid Concerns of Economic Downturn

Strategic Insights

— 1 min read

U.S. stocks slipped during the opening trading session on Wednesday, marking the longest losing streak since the 2008 financial crisis, amidst growing concerns that the economy is heading for a downturn. The slump followed a disappointing ISM Non-manufacturing index, which missed forecasts, despite earlier gains triggered by upbeat jobs growth and higher-than-estimated corporate profits. Notable gainers included MasterCard, Comcast Corp, and Quanta Services Inc, while Time Warner Inc, RR Donnelley & Sons Co, and other stocks experienced significant declines.

Key Takeaways:

  • The U.S. stock market extended its losing streak to a level not seen since the 2008 financial crisis, with the Dow Jones Industrial Average (DJIA) declining by 41.71 points or 0.35 percent to 11,824.91.
  • The DJIA was led by declines in the Health Care, Industrials, and Financials sectors, which lost points the most.
  • The S&P 500 index traded at 1,249.63 after dropping by 4.42 points or 0.35 percent.
  • Notable gainers included MasterCard, which rose 6.70 percent after reporting a 33 percent increase in profits in the second quarter.
  • Comcast Corp and Quanta Services Inc also experienced significant gains, with Comcast rising 1.19 percent and Quanta Services advanced 8.14 percent after posting profits that topped analysts' estimates.
  • Time Warner Inc, RR Donnelley & Sons Co, and other stocks declined significantly, with Time Warner tumbling 4.24 percent after adjusting its full-year profit forecasts.
  • The Dollar index fell to 74.08, its lowest level of the day, after reaching a high of 74.69.
  • Gold prices surged to $1,670.61 per ounce, while oil prices dropped to $92.14 per barrel.

Statistics:

  • The DJIA declined by 41.71 points or 0.35 percent to 11,824.91.
  • The S&P 500 index dropped by 4.42 points or 0.35 percent to 1,249.63.
  • The NASDAQ Composite index declined 7.28 points or 0.27% to 2,661.96.
  • MasterCard rose 6.70 percent after reporting a 33 percent increase in profits in the second quarter.
  • Comcast Corp rallied 1.19 percent despite reporting quarterly profits that surpassed economist's average estimates.
  • Quanta Services Inc advanced 8.14 percent after posting profits that topped analysts' median estimates.

Sources:

  • ecPulse.com
  • Syndigate.info
  • Albawaba.com

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