Concerns over the delta format and unrest in Afghanistan weighed on US stock markets. Chinese technology companies have been the hardest hit.
The S&P500 sees a streak that saw five consecutive gains halted on Tuesday. The barometer decreased by 0.7 percent. Dow Jones lost 0.8 percent. The Nasdaq Tech had to fight harder with a closing loss of 1.1 per cent. Thus, the US stock markets experienced their strongest loss in a month. The hits were greatest at Chinse Tech. The Nasdaq Golden Dragon, which aggregates Chinese technology companies on Wall Street, closed 2.4 percent lower.
The Chinese government has released a series of draft new rules to limit the power of technology companies. For example, companies are no longer allowed to use fake reviews to promote products. There will also be protection in terms of brand reputation and intellectual property.
economic data
There are a number of economic data that hinder the market further. Homebuilders’ sentiment fell to a 13-month low in August amid rising costs and persistent supply chain shortages.
US retail sales fell more-than-expected in July, reflecting a steady shift in spending toward services and an indication that consumers may become more price-conscious as inflation picks up.
Despite a four-month high in factory output, manufacturers continued to face higher input prices and near-record job openings.
Investors are looking forward to next week’s Jackson Hole meeting for an update on Federal Reserve policy. “We are in the waiting period of Jackson Hole,” wrote Craig Erlam, market analyst at Oanda. While a fair amount of data will be released this week, some of which may have a little more weight than others, for now it’s all about the Fed in these markets. That probably won’t change unless the delta situation deteriorates significantly.
Biggest moves
Home Depot
by 4.3 per cent after numbers were below expectations.
DXC . Technology
It fell 11.8 percent after a sell recommendation from JPMorgan.
Kroger
He won 4.5 percent after big investor Warren Buffett increased his stake in the supermarket chain.
Tesla
He lost 3 percent. Investor Michael Perry — known for his movie The Big Short — is betting a big drop in Ark Invest, Tesla’s technology tracker, and Cathie Wood.
Ali Baba
, Tencent
en Baidu
It has lost up to 5 per cent in the face of tighter censorship by the Chinese government.
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