U.S. Stocks Fall as China's Lending Curbs Weigh on Commodities and S&P 500 Index

Strategic Insights -

U.S. stocks suffered a decline, with the S&P 500 Index plummeting from a 15-month high, as China's move to curb lending sent commodities and shares of their producers lower. This downturn was particularly evident in the energy sector, with ConocoPhillips and Chevron Corp. experiencing significant losses. Meanwhile, MasterCard Inc. and Alcoa Inc. also took a hit after receiving negative ratings and predictions from Wells Fargo & Co. and Citigroup Inc., respectively. However, retailers TJX Cos. and Macy's Inc. reported positive December sales, leading gains in the retail sector.

Key Takeaways:

  • The S&P 500 Index experienced a 0.3% decline, retreating to 1,134.29 at 9:51 a.m. in New York.
  • The Dow Jones Industrial Average lost 32.35 points, or 0.3%, to 10,541.33.
  • The Nasdaq Composite Index declined 0.5% to 2,290.29.
  • The energy sector was particularly hard hit, with ConocoPhillips and Chevron Corp. experiencing losses.
  • MasterCard Inc. lost 1.2% after Wells Fargo & Co. cut its rating on the shares.
  • Alcoa Inc. slid 2.5% after Citigroup Inc. removed its buy rating on the largest U.S. aluminum producer and predicted fourth-quarter earnings below the average analyst estimate.
  • TJX Cos. and Macy's Inc. led gains in retailers reporting December sales.

Statistics:

  • The S&P 500 Index fell 0.3% to 1,134.29.
  • The Dow Jones Industrial Average lost 32.35 points, or 0.3%, to 10,541.33.
  • The Nasdaq Composite Index declined 0.5% to 2,290.29.
  • China's central bank sold three-month bills at a higher interest rate for the first time in 19 weeks.
  • The world's third-largest economy grew an estimated 8.5% last year, leading the world out of the first global recession since World War II.
  • ConocoPhillips fell, while Chevron Corp. experienced losses in the energy sector.
  • MasterCard Inc. lost 1.2% after Wells Fargo & Co. cut its rating on the shares.
  • Alcoa Inc. slid 2.5% after Citigroup Inc. removed its buy rating on the largest U.S. aluminum producer and predicted fourth-quarter earnings below the average analyst estimate.

Sources:

  • "U.S. stocks fall as China's lending curbs weigh on commodities and S&P 500 index" by Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company.