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(For a Reuters blog on U. S. stock markets)USA, UK and Europe, click LIVE/ or type LIVE/ in a news window)
Energy index leads as oil recovers
Spirit Airlines soars after JetBlue launches takeover bid
* Index close: S
By Amruta Khandekar and Noel Randewich
May (Reuters) – The S
China’s economic activity cooled sharply in April, as the easing of COVID-19-related lockdowns greatly affected consumption, trade production and employment, adding to fears that the economy will simply contract in the current quarter.
However, energy stocks were boosted by optimism that China would see a significant recovery after positive symptoms of the coronavirus pandemic receding in the hardest-hit areas.
The S index
Investors questioned whether a strong day on Wall Street last Friday might signal the end of a recent sell-off that has left the S&P 500 down about 16% from its record high close in January.
“After the big rally on Friday, people are looking around and asking whether it feels sustainable,” said Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky. “Does it feel like the momentum thrust you would see coming off of a low, or is there still more of a capitulation to be worked out?”
Many of Wall Street’s megacap growth stocks were lower, with Amazon and Google-owner Alphabet losing more than 1% and weighing on the S&P 500 and Nasdaq.
Twitter fell more than 8% after Bloomberg reported that Elon Musk said a deal to buy the social media company at a lower price than his previously agreed $44 billion was “not out of the question.”
Tesla, which Musk leads, fell almost 6%.
The S index
Investors worry that competitive interest rate hikes through the U. S. Federal Reserve will not be able toThe U. S. shutdown of decades-long maximum inflation may push the economy into recession, with the shock in Ukraine, supply chain issues, and pandemic-related lockdowns in China exacerbating economic turmoil.
Monday’s release showed factory activity in New York state collapsed in May for the third time this year amid a drop in new orders and deliveries.
Traders now expect nearly an 86% chance of a 50 basis point being accumulated through the Fed in June. Unofficially, the S
The Nasdaq fell 1. 20% to 11,662. 79 points, while the Dow Jones Industrial Average rose 0. 08% to 32,223. 42.
Investors are focusing on retail sales awareness expected on Tuesday, after being concerned about knowledge about inflation and customer sentiment last week.
Retailers such as Walmart Inc, Home Depot and Target Corp are due to file quarterly effects this week.
Spirit Airlines recovered 13. 5% after JetBlue Airways submitted a hostile takeover offer for the scaled-down carrier. Shares of JetBlue fell 6. 1%, while shares of rival bidder Frontier Group gained just 6%.
Rising issues outnumbered declining issues on the New York Stock Exchange by a ratio of 1. 08 to 1; on the Nasdaq, a ratio of 1. 35 to 1 favored the declining.
the s
The volume of U. S. inventory The U. S. trades 11. 3 billion shares, compared to an average of 13. 2 billion over the past 20 trading days.
(Reporting via Amruta Khandekar and Devik Jain in Bangalore and Noel Randewich in San Francisco; Additional reporting via Devik Jain in Bangalore; Editing via Shounak Dasgupta and Lisa Shumaker)