Inflation worries continue to weigh on Wall Street – US stock markets fall


On Wall Street, stock markets opened higher on Tuesday, but then turned lower.

The S&P 500 index, which broadly describes the US market, was down 0.6 percent. Energy companies had the biggest decline, with a 3.4 percent decline.

In August, US consumer confidence rose to 103.2, while the forecast was 98.0. In July, the corresponding corrected reading was 95.3.

The market is recovering from the decline of the previous two trading days after the head of the central bank, the Fed Jerome Powell spoke last Friday at the Jackson Hole Federal Reserve Conference on the fight against inflation. Powell’s speech left no ambiguity about the central bank’s desire to fight inflation, even if that meant raising interest rates in the future as well.

The technology-driven Nasdaq was down 0.6 percent and the Dow Jones was down 0.5 percent.

Electronics retail chain Best Buy published its second quarter results. The company’s net sales reached analysts’ forecast of 10.24 billion US dollars. However, earnings per share exceeded expectations of $1.27 at $1.54. After the stock market opened, Best Buy’s share was up 5.7 percent at $77.94.

Tomorrow afternoon Finnish time, the number of jobs in the private sector for August and the Chicago Purchasing Manager Index will be published in the United States.


Source: Arvopaperi by www.arvopaperi.fi.

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