{"id":45977,"date":"2023-08-08T13:48:12","date_gmt":"2023-08-08T17:48:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-down-over-250-points-after-weak-china-data-moodys-warning-on-banks\/"},"modified":"2023-08-08T13:48:14","modified_gmt":"2023-08-08T17:48:14","slug":"dow-down-over-250-points-after-weak-china-data-moodys-warning-on-banks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45977","title":{"rendered":"Dow down over 250 points after weak China data, Moody\u2019s warning on banks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002373899\" role=\"document\">\n<p>U.S. stocks were sharply lower Tuesday, resuming a pullback as investors shunned assets viewed as risky following weak China international trade data for July and weighed the threat of a credit-rating downgrade on major U.S. banks.<\/p>\n<h2>How stocks are trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       remained down 280 points, or 0.8%, at 35,199, after declining 466 points at its session low.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was down 38 points, or 0.8%, at 4,480.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       shed 167 points, or 1.2%, to trade at 13,825.<\/p>\n<\/li>\n<\/ul>\n<p>The Dow rose 408 points, or 1.2%, on Monday, while the S&amp;P 500<br \/>\n        SPX<br \/>\n       gained 0.9% and the Nasdaq advanced 0.6%.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>A risk-off tone swept global markets after weak China trade data heightened concerns about a slowing global economy. <\/p>\n<p>China\u2019s exports fell 14.5% for the year to July, the biggest decline since the outbreak of the COVID-19 pandemic in February 2020, while imports slid 12.4%, worse than forecast.<\/p>\n<p>The news highlighted \u201cthat the world\u2019s second biggest economy is being dragged lower by weakness in global demand and a domestic slowdown,\u201d said Jim Reid, strategist at Deutsche Bank.<\/p>\n<p>Assets sensitive to China demand were hit, with industrial commodities like crude oil<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.66%<\/bg-quote><br \/>\n       and copper<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"negative\">-1.63%<\/bg-quote><br \/>\n       lower. Shares in London-listed miners were under pressure. <\/p>\n<p>Perceived havens were firmer, with the dollar<br \/>\n        DXY<br \/>\n       gaining ground and government bonds attracting buyers, pushing Treasury yields<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       lower.<\/p>\n<p><strong>See<\/strong>: \u2018Alarming\u2019 China data upsets global stock markets<\/p>\n<p>Also weighing on sentiment was a possible downgrade by Moody\u2019s Investors Service of six major U.S. banks, adding to concerns about the fragility of the financial sector as it deals with the sharp rise interest rates since March 2022. Bank stocks were lower, with the SPDR S&amp;P Bank ETF<br \/>\n        KBE<br \/>\n       dropping more than 2%.<\/p>\n<p><strong>See<\/strong> <strong>also<\/strong>: Bank ETFs head for worst day in 3 months after credit downgrades, warnings rattle sector<\/p>\n<p>Stocks fell last week, with market watchers looking for continued consolidation after a strong 2023 rally led largely by megacap tech stocks that has seen the Nasdaq Composite rise more than 30% year to date while the S&amp;P 500 advanced toward its record high from January 2022.<\/p>\n<p>\u201cWe believe the market has entered a consolidation phase [within] an uptrend that will likely last 1-3 months with support at 4,328\u2033 for the S&amp;P 500, said Kevin Dempter, analyst at Renaissance Macro Research, in a Tuesday note.<\/p>\n<p>\u201cPatience will be the most important discipline for investors during this period especially [within] megacap tech given the overbought conditions and sentiment extremes in the space,\u201d he wrote. \u201cIdeally, we would look to take advantage of oversold conditions in uptrends but with a focus on a longer-term trade horizon and not tactical.\u201d<\/p>\n<p>Data showed the U.S. trade deficit narrowed by 4.1% to $65.5 billion in July.<\/p>\n<p>Philadelphia Fed President Patrick Harker said policy makers \u201cmay be at the point where we can be patient and hold rates steady.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Paramount Global<\/strong> shares<br \/>\n        PARA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200340870\/composite\" class=\"negative\">-1.21%<\/bg-quote><br \/>\n       declined 1.6% after the media company\u2019s adjusted earnings beating expectations as it also agreed to sell Simon &amp; Schuster for $1.6 billion to KKR. <\/p>\n<\/li>\n<li>\n      <strong>Beyond Meat Inc.<\/strong><br \/>\n        BYND,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211617595\/composite\" class=\"negative\">-15.64%<\/bg-quote><br \/>\n       shares tumbled almost 17% following an earnings report that included a 30% drop in revenue year-over-year for the struggling maker of plant-based meat items. <\/p>\n<\/li>\n<li>\n      <strong>Eli Lilly &amp; Co.<\/strong>\u00a0<br \/>\n        LLY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200106384\/composite\" class=\"positive\">+13.37%<\/bg-quote><br \/>\n       shares shot up 14%, after the drug giant reported second-quarter profit and revenue that climbed above expectations and provided a big boost its full-year outlook, as results were helped by the $579 million received from the sale of rights for Baqsimi.\u00a0<\/p>\n<\/li>\n<li>\n      <strong>United Parcel Service Inc. <\/strong><br \/>\n        UPS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201245396\/composite\" class=\"negative\">-0.96%<\/bg-quote><br \/>\n       shares dropped 1%, after the package delivery giant reported second-quarter revenue that fell short of expectations and cut its full-year outlook, citing the volume impact from labor negotiations.<\/p>\n<\/li>\n<li>\n      Billionaire Charlie Ergen is combining his two telecom companies, pay-TV provider <strong>Dish Network Corp.\u00a0<\/strong><br \/>\n        DISH,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207505872\/composite\" class=\"positive\">+8.57%<\/bg-quote><br \/>\n      \u00a0and satellite-communications company EchoStar Corp.\u00a0<br \/>\n        SATS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208539032\/composite\" class=\"positive\">+0.43%<\/bg-quote><br \/>\n      \u00a0in an all-stock deal, the companies said Tuesday,\u00a0confirming an earlier report by The Wall Street Journal. Dish shares rose 8%, while EchoStar dipped 0.6%.<\/p>\n<\/li>\n<li>\n      <strong>Novo Nordisk\u2019s<\/strong> U.S.-listed stock<br \/>\n        NVO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203484366\/composite\" class=\"positive\">+16.02%<\/bg-quote><br \/>\n       jumped 16% Tuesday, after the company said its obesity treatment semaglutide, marketed as Wegovy, met its main goal in a trial evaluating its ability to reduce cardiovascular events and not just help with weight loss.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-slip-after-weak-china-data-damps-sentiment-e0513efd?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks were sharply lower Tuesday, resuming a pullback as investors shunned assets viewed as risky following weak China international trade data for July and weighed the threat of a credit-rating downgrade on major U.S. banks. How stocks are trading The Dow Jones Industrial Average DJIA remained down 280 points, or 0.8%, at 35,199, after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-45977","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow down over 250 points after weak China data, Moody\u2019s warning on banks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks were sharply lower Tuesday, resuming a pullback as investors shunned assets viewed as risky following weak China international trade data for\" \/>\n<meta name=\"robots\" content=\"index, follow, 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