Economic data dampened: Wall Street takes a deep breath after chasing records

Economic data put a damper
Wall Street takes a deep breath after chasing records

After the starting bell, the US stock exchanges are taking another step forward and setting new records. But then the air is out for a while. In view of the lack of new impulses, there is a quiet end to the week.

The current hunt for records has stalled somewhat on Wall Street. The leading index, the Dow Jones Industrial, and the broader S&P 500 had both reached new highs in early trading, but the momentum on the Dow quickly subsided. The latest economic data dampened the mood of investors somewhat: the consumer climate in the US deteriorated surprisingly and significantly in August.

S&P 500 4,468.08

In the end it closed Dow almost unchanged at 35,515 points, but recorded a gain of 0.9 percent on a weekly basis. For the broader one S&P 500 it went up by almost 0.2 percent to 4468 positions. The technology-heavy one Nasdaq 100 climbed 0.3 percent to 15,137 points. It is still a bit away from a peak.

Company balance sheets, the ongoing economic recovery and the approval of an extensive infrastructure package in the Senate had driven the indices from record to record in the past few days. To the good mood on the last trading day of the week, among other things Walt Disney at. Its own streaming service and amusement parks, which were well attended despite the Corona crisis, lifted the entertainment company back into profitability. Disney shares rose almost one percent.

On the other hand, among other things, there were increasing cases of the virus variant Delta Airbnb to accomplish. That could affect the bookings of the online marketplace for accommodations in the current quarter, said the company. The shares initially lost 3.9 percent. Later they went out of business with a plus of 1.1 percent.

the US consumer sentiment clouded over, also because of the high inflation, as not since December 2011. The corresponding barometer fell in August to 70.2 counters from 81.2 in July, according to the University of Michigan. Economists, on the other hand, had expected stagnation. There have only been two major declines in the past 50 years.

the US exporters raised their prices sharply in July. The export prices rose by 17.2 percent compared to the same month last year, as the Ministry of Labor announced. Agricultural products, food and industrial supplies in particular rose significantly in price. However, the prices were also in the basement a year earlier because of the corona pandemic.