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Business News/ Markets / Stock Markets/  World markets today: US stocks decline after strong retail sales data, megacaps down
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World markets today: US stocks decline after strong retail sales data, megacaps down

Dow Jones loses 0.30 per cent, S&P 500 down 0.77 per cent, Nasdaq Composite falls 1.41 per cent

On Tuesday, US stocks ended lower after mixed earnings from Morgan Stanley and Goldman Sachs. (AFP)Premium
On Tuesday, US stocks ended lower after mixed earnings from Morgan Stanley and Goldman Sachs. (AFP)

US stocks declined on Wednesday led by megacaps, as strong December retail sales data dampened  hopes of early interest rate cuts by the Federal Reserve this year.

At 9:54 a.m. ET, the Dow Jones Industrial Average was down 110.22 points, or 0.30 per cent, at 37,250.90, the S&P 500 was down 36.50 points, or 0.77 per cent, at 4,729.48, and the Nasdaq Composite fell 210.44 points, or 1.41 per cent, at 14,733.90.

Megacaps including Apple, Alphabet, Amazon  and Meta Platforms fell between 1.3 per cent and 2.2 per cent.

The 10-year Treasury yield was above 4 per cent.

In December 2023, US retail sales rose on discounts offered by retailers and increase in motor-vehicle purchases, showed data.

On Tuesday, US stocks ended lower after mixed earnings from Morgan Stanley and Goldman Sachs. The S&P 500 declined 0.37 per cent to end the session at 4,765.98 points. The Nasdaq declined 0.19 per cent to 14,944.35 points, while Dow Jones Industrial Average declined 0.62 per cent to 37,361.12 points.

In Europe, shares edged down on Wednesday after hawkish remarks from European Central Bank (ECB) officials.

The pan-European STOXX 600 index was down 1.4 per cent by 0920 GMT.

ECB president Christine Lagarde said that the central bank is on track to get inflation back to its 2 per cent target but victory had not yet been won.

Britain’s FTSE 100 fell 1.8 per cent at 7,420.10 points. France’s CAC 40 down 1.4 per cent at 7,292.80. Germany’s DAX lost 1.2 per cent at 16,372.57. 

In Asian stock markets, Hong Kong’s Hang Seng Index plunged 3.7 per cent at 15,276.90. China's Shanghai Composite shed 2.1 per cent at 2,833.62. 

Japan’s Nikkei 225 lost 0.4 per cent at 35,477.75.

Oil prices fell more than $1 on Wednesday as economic growth in China was a little short of expectations.

Brent crude futures fell $1.38, or 1.8 per cent, to $76.91 a barrel by 1428 GMT. US West Texas Intermediate crude futures (WTI) were down $1.35, or 1.9 per cent, at $71.05.

Gold prices fell for a second straight session on Wednesday  on a stronger dollar and Treasury yields.

Spot gold was down 0.4 per cent at $2,019.39 per ounce as of 9:41 a.m. ET (1441 GMT). US gold futures fell 0.4 per cent to $2,022.60.

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Published: 17 Jan 2024, 09:34 PM IST
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