Tuesday, October 3, 2023

The U.S. stock market is falling as investors await economic reports

The US stock market is experiencing a decline as investors await key economic reports and updates from major technology companies. The Standard & Poor’s 500 Index fell 0.2%, the Dow Jones Industrial Average fell 0.1%, and the Nasdaq Composite Index fell 0.2%.

Software giant Oracle is dragging technology stocks lower after revenue in the latest quarter fell slightly short of analysts’ expectations. Despite beating earnings expectations, Oracle’s shares fell 11.3%. Additionally, revenue forecasts for the current quarter are not as strong as expected.

On the other hand, Apple shares rose 0.2% ahead of the event that will see the launch of the company’s latest phone models. The company has faced some difficulties since the end of July, reporting three consecutive quarters of declining sales compared to the previous year.

Alphabet, Google’s parent company, fell 0.1% as it faces a lawsuit over anti-competitive practices. The US government accuses Google of exploiting its dominant position in search engines and providing consumers with inferior search results. This is the largest antitrust trial since the Microsoft case in 1998.

Oil producer stocks have risen as crude prices have risen. Exxon Mobil rose 2.1%, while Occidental Petroleum rose 2.9%.

In recent weeks, the stock market has fluctuated due to uncertainty over the Federal Reserve’s interest rate hikes. The economic reports have eased fears of a recession but also helped keep inflation rates high. Despite this, professional fund managers are less pessimistic about stocks and invest more in the market.

Economists expect the latest consumer price update to show a 3.6% increase compared to last year. Reports on wholesale inflation and retail sales are also expected this week. Strong consumer spending has been a driving force for the economy, but it could also prompt companies to further raise prices.

In the bond market, the yield on 10-year government bonds fell to 4.28%. In global stock markets, Japan’s Nikkei 225 rose 1%, while indexes elsewhere in Asia were weaker. European stock markets were mixed, and the European Central Bank will meet this week to discuss interest rates in euro-based European countries.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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