US stocks open lower as economic data from China disappoints

US stocks open lower as economic data from China disappoints


US stocks opened lower on Monday after economic data from China disappointed and investors were faced with retail sales and earnings data from major US retailers.

At 9:58 a.m. ET, the Dow Jones was down 175 points, or 0.5%, while the S&P 500 was down 0.7% and the NASDAQ Composite was down 1%.

China's economy has been affected by the Covid blockades, as shown in the new data. April retail sales there fell 11.1% from a year ago, more than the 6.1% expected. Industrial production fell 2.9% year-on-year.

The Dow fell for the seventh time in eight days. Goldman Sachs (NYSE:GS) economists cut their US GDP growth outlook to 2.4% this year from their previous forecast of 2.6%, citing financial conditions. main tighter.

Retail sales for April will be announced by the government early Tuesday. Analysts are expecting a 0.9 percent gain from March as consumers continue to spend despite a lack of government stimulus funds and higher prices for household goods. A flurry of retail earnings reports are also out this week, starting with Walmart Inc (NYSE:WMT) on Tuesday and Target Corporation (NYSE:TGT) on Wednesday.

Shares of Spirit Airlines Inc (NYSE: SAVE) rose 9.9% after JetBlue Airways Corp (NASDAQ: JBLU) made an aggressive $30 buy offer to the company. Spirit had previously rejected an offer from JetBlue and preferred a takeover offer from Frontier Group Holdings Inc (NASDAQ: ULCC).

Shares of Twitter Inc (NYSE:TWTR) fell 4% after Elon Musk told his followers on the social media platform that the company's lawyers say he violated a non-disclosure agreement . Musk is in a $44 billion deal to buy the company, but wants to slow it down until he can gauge the number of fake accounts.

WTI crude oil futures rose 0.1% to $108.70 a barrel while Brent crude futures fell 0.1% to $111.44 a barrel. Gold futures were flat at $1,807 an ounce.

Will announce the information that stocks hit the ceiling / hit the floor for 5 consecutive sessions or more

According to VTV1 news at 19:00, on May 16, the State Securities Commission (SSC) sent a written request to the Vietnam Stock Exchange to direct the Hanoi and Ho Chi Minh Stock Exchanges to make the announcement. information at the end of the day about the total volume and total value of self-trading transactions for each stock ticker.

At the same time, the State Securities Commission also requires listed organizations, organizations registered for trading within 24 hours from the time the share price rises to the ceiling or falls to the floor for 5 consecutive sessions or more, to report and disclose relevant information. related to the company has an effect on stock price movements.

The above solutions will be implemented from May 23, 2022.

* The State Securities Commission requested to announce proprietary transactions, change the way to calculate the settlement price of VN futures contracts with 30 days of maturity

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