Concerns about the outlook for global growth were raised as China printed lower-than- expected economic data.
After posting their fourth week of gains in a row last week, the S&P 500 and the Nasdaq lost ground.
China's factory output and retail sales figures missed expectations, sparking Monday's drop. Industrial output growth of 3.8% in July and retail sales growth of 4.7% were both under expectations.
The central bank of China cut two interest rates.
The China data caused oil prices to fall. Exxon Mobil and Halliburton were both under pressure, with Exxon Mobil falling on the industrial average.
The US indexes stood after the opening bell.
The economic data from China overnight was disappointing to say the least. Craig Erlam, senior market analyst at Oanda, said in a note that it doesn't paint a good picture of domestic demand or the growth outlook.
The decision by the People's Bank of China to cut its main lending rate to large commercial banks and its seven-day reverse repo rates by 10 basis points came as quite the surprise. It's understandable why people didn't see that coming. Loan demand is not struggling because of high rates, it's due to COVID lockdowns, ongoing property market uncertainty, and the global environment.
Saudi Arabia's state oil company, Saudi Aramco, posted a big jump in profit as oil prices went up.
According to a regulatory filing, Renaissance Technologies halved its stake inTesla, dumped GameStop and AMC Entertainment, and bet big on Warren Buffet's company.
The price of oil fell. The price of West Texas Intermediate fell. The international benchmark was down 5.2%.
The price of gold was off by 0.9%. The yield on the 10-year Treasury declined.
There was a 1% decline in the price of the digital currency to $24,840.08.
All Rights Reserved © 2024
