The stock exchanges in New York started the new trading day with small losses on Wednesday. Trade tensions between China and the US continue to affect the indicators, in addition to the lesser global economic situation. Investors also respond to a number of companies that opened the books.
Shortly after the opening bell, the leading Dow-Jones index was down 0.7 percent on 25,360 points. The broad S&P 500 lost 0.5 percent to 2819 points and technology level meter Nasdaq dropped 0.4 percent to 7700 points.
The trade gift between the US and China has been in control of the stock markets for a few days. On Monday, the American stock markets experienced a severe blow when the fight seemed to escalate, but a day later, US President Donald Trump and his Chinese counterpart Xi Jinping hit a more conciliatory tone and the stock markets made up some ground again.
Among the companies, Macy’s rose 0.6 percent. Although the department store chain achieved a lower turnover and profit, it outperformed analysts’ expectations. Comparable sales did grow.
Chinese webstore giant Alibaba (minus 0.8 percent), listed in New York, increased its turnover by more than half. The profit went up by a third. This went against the trend of a slowdown in the Chinese economy.
Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is oliver.kjeldsen@economicinform.com
