The three main US stock indices start September in negative territory. Wall Street It falls for the fifth consecutive day pressured by bets on rate hikes, in addition to a wave of risk aversion due to a new confinement in China.
main index Dow Jones, made up of the shares of 30 industrial giants, moves down 0.72% to 31,282.42 units. The reference S&P 500, of 500 values, falls 1.01% to 3,914.91 points. the technological Nasdaq loses 1.69% to 11,616.22 units.
The number of new applications for unemployment benefits in the United States fell last week by 5,000 records to 232,000, compared with a previous figure of 237,000. Also, the data was better than an increase to 248,000 expected by analysts.
Investors continue to watch jobs numbers amid bets on accelerated Fed interest rate hikes. Positive job data supports the thesis of another 75 basis point hike in the next monetary policy decision.
“The main driver of these moves is expectations of rate hikes from the Federal Reserve and as has become clear they will continue to be. September is a traditionally weak month for stocks,” said Ben Laidler, Global Strategist at eToro. .
Investors are also intimidated by a wave of risk aversion after China announced a new lockdown in the city of Chengdu, population of nearly 20 million, to control an outbreak of coronavirus. Covid-19reviving fears of a recession.
“While this city is not as crucial to the economy as Shanghai, the successive lockdowns have taken a toll on the pace of the Chinese economy. This news did enough to drive the price of oil to lower levels,” Laidler added.
By sectors, the losses in the energy, raw materials and technology sectors stand out. Among the firms listed on the Dow Jones, 21 stocks trade in the red, with shares of Boeing (4.55%) y Salesforce.com (3.06%) in the lead on their retreat.
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