Wall St starts the first session of the week down

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Wall St starts the first session of the week down


USA-EXCHANGE-OPENING: Wall St starts down the first session of the week


WALL STREET FALLING AT OPENING


© Reuters/Brendan McDermid
WALL STREET FALLING AT OPENING


PARIS (Reuters) – The New York Stock Exchange fell in early trading on Monday after disappointment over Chinese economic growth and rising oil prices fueling inflation fears.

A few minutes after the start of trading, the Dow Jones index lost 255.37 points, or 0.72%, to 35,039.39 points. The larger Standard & Poor’s 500 fell 0.5% to 4,449.16 points. The Nasdaq Composite yields -0.3% to 14,852.53 points.

The news of a sharper-than-expected slowdown in China’s gross domestic product growth in the third quarter, to its lowest in a year, is conducive to profit taking after stocks rose sharply last week.

Video: Sharp slowdown in Chinese economic growth in the third quarter to 4.9% (Le Figaro)

Sharp slowdown in Chinese economic growth in the third quarter to 4.9%

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The downtrend is also fueled by concerns about rising inflation that could cause central banks to tighten monetary policy sooner than expected.

The unexpected drop in industrial production in the United States (-1.3%) while the Reuters consensus gave it an increase of 0.2% also calls for caution.

In the coming days, investors will closely follow the publications of American companies like Johnson & Johnson, Netflix, Tesla or Intel. And according to Refinitiv data, S&P 500 company profits are expected to rise 32%.

On the stock market, Walt Disney gave 2.62%, the largest drop in the Dow Jones, after the degradation of Barclays’ recommendation to “weighting online”.

(Laetitia Volga, edited by Nicolas Delame)

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