Cloudy September continues to pressure Wall Street


The Dow Jones Industrial Average fell for a third day, Wednesday, as investors reassessed their economic growth outlook after the market’s bull run since the beginning of this year.

The Dow Jones index fell by nearly 100 points. The Standard & Poor’s 500 index fell 0.2%. The Nasdaq also fell more than 0.6% after closing at a record high, on Tuesday.

On Tuesday, the Dow fell more than 260 points, adding to Friday’s losses after the disappointing August jobs report. The outlook for September remains cloudy due to the viral delta variable.

European stocks

In Europe, stocks recorded their largest decline in three weeks, Wednesday, a day before the European Central Bank meeting, during which policy makers will discuss a reduction in its stimulus program during the pandemic period.
The European-focused Stoxx 600 index fell 1.1 percent, with auto stocks leading losses, down 2.2 percent.
Finland’s Nokian Tire was the worst performer in the sector, falling 4.4 percent as investors disappointed the company’s new profit margin targets.
Financial services, oil and gas and banking sectors, which are sensitive to the economy, fell about 1.3 percent as investors feared any change to the European Central Bank’s large stimulus program due to the recent rise in inflation.
After hitting a record high of the Stoxx 600 in mid-August, it is now hovering below those levels as investors remain concerned about central bank policies and signs of slowing global growth.
Siemens Gamesa, a Spanish turbine company, fell 8.6 percent and underperformed the Stoxx 600 after JPMorgan downgraded the stock to “neutral”. Denmark’s Vestas Turbines also fell 4.5 percent.
Swedish investment firm EQT fell 3.4 percent after a new share offering, while Stellantis fell 2.9 percent after Hong Kong’s Dongfeng Motor said it had sold shares in the automaker for about 600 million euros ($710 million).
Shares in French drugmaker Sanofi fell 2.5 percent after agreeing to buy US biopharmaceutical company Cadmon Holdings in a deal worth $1.9 billion.
British industrial technology company Smiths Group rose 2.6 percent after it agreed to sell its medical unit to US-based ICU Medical for $2.4 billion.


Please enter your comment!
Please enter your name here