The New York Stock Exchange was trading lower this Monday at the beginning of the session, after the drop in oil prices and penalized by indicators in China that point to an economic slowdown.
At 2:50 p.m. (Lisbon time), the Dow Jones index fell 0.15% to 33,718.79 points, and the Nasdaq, dominated by the technology sector, lost 0.29% to 13,010.84. points.
The broad S&P 500 index fell 0.41% to 4,263.02 points.
This Monday it was announced that industrial production in China advanced 3.8% in July, compared to the same month of 2021, a lower increase than the previous month and less than expected by analysts.
In China, retail sales also surprised to the downside in July, according to published data, which registered a year-on-year increase of 2.7%. Analysts had forecast a 5% rise.
In response to this slowdown, the People’s Bank of China cut interest rates by 10 basis points and pumped the equivalent of $59.3 billion into the financial system to boost lending and economic growth.
In international markets, the price of a barrel of oil also continued to fall, with Brent (the reference in Europe) registering a drop of 4.5% in the early afternoon, to USD 93.67.
In the New York market, a barrel of Texas oil (WTI) opened 5.21% lower at $87.29 on concerns about demand from China, the world’s largest crude importer.
In the main index of the New York Stock Exchange, the Dow Jones, the oil company Chevron led the falls (-3.20%) and Walt Disney stood out in the increases (+2.47%).
The 10-year US Treasury bond yield fell to 2.76%.
Source: Observadora
