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Wall Street opens in red and the Dow Jones falls 0.57%

Wall Street opened in red this Tuesday and the Dow Jones Industrials, its main indicator, lost 0.57%, thus deviating from the gains achieved on Monday.

Eleven minutes after the start of operations at the NYSEthe Dow Jones stood at 35,104 units and the selective S&P 500 fell 0.45%, to 4,469 points.

For its part, the composite index of the Nasdaq market, in which the main technology companies are listed, lost 0.23%, to 13,756 integers.

The New York stock market has been affected by the economic data announced this Tuesday by China: the industrial production of the Asian giant grew by 3.7% year-on-year in July, a figure that represents a slowdown compared to the data for June (4.4%).

The figure for the seventh month of the year announced this Tuesday fell short of the most widespread forecasts among analysts, who expected an advance of around 4.7% compared to the same period in 2022.

Elsewhere, the People’s Bank of China cut rates by 15 basis points to 2.5%.

Other experts, such as CNBC commentator Jim Crame, pointed out that another reason for today’s drop is the fourth indictment of former US president and current Republican primary candidate Donald Trump (2017-2021).

On Monday night, a grand jury in Georgia (USA) indicted the tycoon for allegedly trying to manipulate the results of the 2020 elections in that state, where the Democrat Joe Biden he won by a narrow margin.

Trump, added to the four indictments, already faces a total of 91 charges.

Business results continue this week. Today it was Home Depot’s turn and its shares rose 1.79%, after exceeding analysts’ expectations; After that, the results of other retail giants such as Target and Walmart will come.

Shares of banks JPMorgan Chase, Citigroup, Wells Fargo and Bank of America fell this morning as ratings agency Fitch said it could downgrade dozens of banks, including giant JPMorgan Chase.

Last week, Moody’s downgraded the rating of ten regional entities and put the rating of other more powerful firms on review.

By sectors, red dominated and the biggest losses were for energy and finance, which fell by 1.59% and 1.06%, respectively.

Among the 30 Dow Jones stocks, the biggest losses were for Dow (-2.33%) and Caterpillar (-2.11%), while the only gains were for Home Depot, Walmart (0.19%) and Amgen ( 0.06%).

Source: Elcomercio

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