Monday , November 29 2021

In disappointing retail data, the Dow Jones opened 275 points



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Jakarta, CNBC Indonesia – The U.S. (US) stock market opened on Tuesday (11/17/2020) when it traded on trading to respond to adverse retail sales data after the sale of pharmaceuticals and retail shares.

The Dow Jones Industrial Average fell 275 points (-0.9%) at 8:30 a.m. local time (9:30 p.m. WIB) and 30 minutes later the interval was 395.05 points (-1.32%) at 29,555.39 and the S&P 500 decreased by 33.52 points (-0.9%) to 3,593.39. The Nasdaq fell 51.8 points (-0.43%) to 11,872.37.

Tesla shares jumped more than 11% after the technology company officially became a component of the S&P 500 index on December 21st. During the year, the shares of the company owned by Elon Musk increased by 387.8%.

Shares of Walmart retailers fell 1% in the pre-opening session, while Home Depot fell 2.7% in the last quarter with a 24% increase in sales.

The culprit was a slower growth in October retail sales data of 0.3%, a far cry from analysts forecast in the 0.5% Dow Jones survey.

On Monday, the Dow Jones and S&P 500 indices hit a record high after the results of the Third Phase trial were published, with the percentage of volunteer vaccine recipients achieving their vaccine effectiveness rate or antibody generation at 94.5%.

This success was heightened by optimism last week when US pharmaceutical company Pfizer and German company BioNTech announced that the vaccine’s effectiveness rate was above 90%.

Equity-based shares were held by investors on Monday, so the iShares Russell 1000 Value ETF (IWD) mutual fund rose 1.9%, while the mutual fund, iShares Russell 1000 Growth ETF (IWF), rose by only 0.5%. were raised.

“Companies based on value that are smaller in size have greater power to revive the economy, so the presence of the vaccine that removes the burden of Covid-19 from the economy is positive news,” wrote Bill Stone, Head of Investment at Stone Investment Partners. CNBC International.

This situation occurs as the number of crown virus cases increases, and thus the economic outlook is blurred in the short term. Last week, the U.S. registered one million new patients with the Covid-19 virus, bringing the total infection nationwide to 11 million, of whom 70,000 had to be hospitalized.

CNBC INDONESIA RESEARCH TEAM

[Gambas:Video CNBC]

(ags / ags)


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