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US stocks open in the red zone as trade tensions continue

2019-07-30 01:55 pm | Resource: News | No Views : 26


 US stocks open in the red zone as trade tensions continue

Wall Street opened in the red zone on Tuesday when China and the United States began their first high-level discussions since the June G20 summit in Japan in Shanghai. However, the mood has been somewhat tempered by reports that either side did not expect significant progress in the current round of talks and threatened President Donald Trump that if China waited for a better deal, another "stricter" Or nothing at all. Investors also digested earnings reports from many companies earlier in the day and were waiting for more after bell bells, including Apple.

Personal spending in the US is growing 0.3% in June

Personal income and spending in the United States last month showed a mixed picture with surprisingly low inflation. Personal income rose by 0.4% after a review lifted May's gains to 0.5%. Personal spending rose by only 0.1%, corresponding to the previous month's rate, which was adjusted to show 0.1 points less than the emergency data, the Bureau of Economic Analysis said on Tuesday.

Personal consumption expenditure rose 0.3% from 0.5% in May. The personal consumption expenditure index rose only 0.1% in June, leading to a 1.4% slowdown on a year-on-year basis but after a slight revision the previous month. Core reading, closely watched by the Federal Reserve, rose 0.2%, the same rate as in the last update, while the annual inflation index fell 1.6%, accelerating 0.1 points. However, the May rate was adjusted from 1.6%. Excludes energy and food as volatile.

House prices in the United States slowed to 3.4% in May

Home prices in all nine counties in the US rose 3.4% in April on an annualized basis, slowing from a 3.5% growth in the previous month, according to an update released on Tuesday.

The 10-City Composite data also showed a slight annual growth slowdown of 2.2%, down from 2.3% in April, while 20 cities slowed from 2.4% to 2.5% at the same time. The biggest gains were recorded in Las Vegas, Phoenix and Tampa, with 6.4%, 5.7% and 5.1%, respectively. The report pointed to accelerated housing price growth in seven out of 20 cities on a monthly basis.

US Stocks Open
  • The Dow Jones Industrial Average fell 0.35% with the worst-performing Intel Corp.
  • While the Nasdaq 100 shed 0.73% on the back of PACCAR Inc losses of 2.68%.
  • Meanwhile, the S & P 500 fell 0.51% with Nektar Therapeutics losing 1.84%.

The euro settled against the dollar to trade at 1.1145 at 9:29 am Eastern time, while the British pound continued its decline and fell 0.33% against the dollar to go to 1.2176 at the same time, recording new low levels not seen since the beginning of 2017.


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