Wall Street falls on the strength of the US economy

Wall Street backed down on Monday amid concerns about the reaction of the Federal Reserve to the better-than-expected macroeconomic figures recently published in USA. Big tech companies led the losses.

the main index Dow Jones, made up of 30 industrial giants, lost 1.40% to a level of 33,947.10 points. The extended reference S&P 500, out of 500 stocks, lost 1.79% to 3,998.84 points. The Nasdaq technology lost 1.93% to 11,239.93 units.

Negative in electronic trading ahead of the open, Wall Street fell after better-than-analysts-expected ISM services activity index data for November added to Friday’s jobs data.

Given these data that show that the cooling of the economy sought by the central bank through the increase in interest rates is long overdue, investors fear seeing the Fed’s guide rate go above what they predicted.

Among the values ​​of the day, Tesla had a strong fall of 6.37% to 182.45 dollars, after the information that indicated that the manufacturer decided to reduce production in China due to having high inventories and a demand that weakens in the second largest economy.

Among the large technology companies, very sensitive to rate increases, Amazon lost 3.37%; Microsoft, 1.89%, Alphabet (Google parent) lost 0.96% and Apple, the largest US firm by market capitalization, lost 0.80 percent.

jose.rivera@eleconomista.mx