Wall St. ends lower as US PPI hits 11-year peak, Apple sinks on app store ruling
by SOURAV D | VIEW 928
On Friday, all three key indices of Wall St. had rounded off the session sharply lower following a US Commerce Department data saying US Producers Prices Index had spiked to an 11-year peak last month, cementing the likelihoods of a longer period of a higher inflation despite US Fed Chair Jerome Powell’s solacing remarks while scaling the prospects higher of a near term tapering off Fed’s fiscal stimulus for the economy. Nonetheless, earlier in the day’s US trading hour, a slew of US stock indices had opened up the day in a buoyantir texture following media headlines that the US President Joe Biden and his Chinese counterpart Xi Jinping had been engaged in a telephone conversation which the US capital market had branded as a positive response that could ease off trade tensions between the world’s first- and second-largest economy, however, a mid-afternoon sell-off wave following release of US PPI data for August had poured fresh scorns on investors’ optimism.
Wall St. ends sharply lower
Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow dwindled 0.78 per cent to 34,607.72 and benchmark S&P 500 shed 0.77 per cent to 4,458, while tech-heavy Nasdaq slipped 0.87 per cent to 15,115.49.
On the week, Nasdaq lost 1.29 per cent and Dow dropped 2.24 per cent, while S&P 500 shed 1.63 per cent. Meanwhile, citing that the US capital markets have been taking their feet off the gas pedals lately amid lack of fresh impetus following a long-run of record-setting rallies, AXS Investments Chief Executive Greg Bassuk said, “Investors are looking for some outsized news or information that is beyond the band of expectations, something much more outsized, positively or negatively, that will give investors better visibility into how things are going to look for the balance of the year”.