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Thursday, June 13, 2024

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Wall Street closes with losses and the Dow Jones down 0.72%

 New York, – Wall Street closed this Tuesday with losses and the Dow Jones Industrial, its main indicator, fell 0.72% after a day of concern about the escalation of trade tension between the US. and the European Union, and the reduction of global forecasts of the International Monetary Fund (IMF).

At the end of the session on the New York Stock Exchange, the Dow Jones subtracted 190.44 points, reaching 26,150.58 whole, while the selective S & P 500 fell 0.61% or 17.57 whole, until 2,878.20.

The composite index of the Nasdaq market, which brings together the main technological market, fell by 0.56% or 44.61 whole, to 7,909.28.

By sectors, the most affected was industrial (-1.19%), ahead of energy (-0.87%) and non-essential goods (-0.75%), while only companies significantly rebounded of public services (0.26%).

President Donald Trump confirmed on Tuesday that the US plans to impose tariffs on the European Union worth 11,000 million dollars, in reaction to the public subsidies received by the aeronautical Airbus.

In view of that escalation of tension, which comes when the US-based tariff war is about to be resolved. and China, which has lengthened for months, Wall Street operated in red all day.

To that concern was added the reduction in forecasts on the global economy released today by the International Monetary Fund (IMF), which warned of a “delicate moment” with an estimated growth of 3.3% for 2019, the lowest since the financial crisis 2009, due in part to the commercial dispute between the US and China.

The markets are focused on the results season that begins this week and is expected to be weak. Tomorrow the airline Delta presents its figures and on Friday the banks JPMorgan and Wells Fargo will do so.

In the group of 30 listed companies of the Dow Jones, the biggest losses were for firms sensitive to commercial tensions, such as Caterpillar (-2.48%), Dow (-1.54%), Boeing (-1.46%) and 3M (-1.42%), followed by Home Depot (-1.30%) and Exxon Mobil (-1.29%).
In green, four firms closed: Walt Disney (1.65%), Coca-Cola (0.26%), McDonald’s (0.12%) and UnitedHealth (0.02%).

Analysts commented that Boeing’s decline is influenced by its decision to slow production of 737 MAX aircraft, which are paralyzed in some fifty countries, forcing some airlines to modify their operations.

This Tuesday, Boeing reported that it has delivered 33% fewer aircraft of the 737 model year on year in the first quarter of the year, 89 in total, while The Wall Street Journal argues that in March the aeronautics did not achieve any order of that plane.

In other markets, Texas oil fell to $ 63.98 a barrel and, at the close of Wall Street, gold rebounded to $ 1,308.60 an ounce, the yield on the 10-year Treasury bond fell to 2.504% and the dollar lost ground against the euro, which was changed to $ 1,1261 (EFEUSA).

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