Just: The US stock indexes fell together at the end of trading on Friday, with the Nasdaq registering a loss of about 430 points.
The Dow Jones industrial average fell 305 points, or about 0.7%, to the level of 43,444 points, achieving a weekly loss of 1.2%.
The Standard & Poor’s 500 index fell 1.3%, losing 78 points, to a level of 5,870-5,995 points, achieving a weekly loss of 2%.
The Nasdaq index fell 2.2%, with a loss of 427 points, to the level of 18680-19286 points, with a loss of 3.1% over the week.
Citigroup analysts expected emerging market stocks to underperform their global peers following Donald Trump’s recent victory in the US presidential elections, despite initiatives China’s recent political and global economic growth.
The brokerage firm said in a note Thursday that it expects Trump’s trade policies to be a drag on global growth, while the strength of the US dollar could increase pressure on emerging market assets.
It expects Saudi Arabia and India to be less exposed to trade risks, and raised the rating of the largest oil exporter to “overweight” from “under pressure”.
Federal Reserve Chairman Jerome Powell said a strong economy with low unemployment, strong consumer spending and increased business investment allow the central bank to take time to lower interest rates.
Powell said in a speech in Dallas yesterday that the economy is not sending any signs that we need to rush to lower interest rates The strength we see in the economy at the moment enables us to handle decisions carefully, as there is room to move cautiously in terms of interest rates according to the New York Times.
The Federal Reserve is trying to navigate complex times, as the economy remains generally healthy, but the job market has slowed over the past year.
After raising interest rates significantly in 2022 and 2023 in an attempt to cool the economy and control rapid inflation, the council has started reducing borrowing costs in recent months.
Powell explained that Fed officials expect to see limited progress on inflation in the coming months.
He said: “Headline measures of inflation for goods and services, excluding housing, have declined rapidly over the past two years and have returned to levels closer to those consistent with our goals…”
He said that central bankers did not announce an impact while price increases were still somewhat high.
Powell said: “Inflation is very close to our long-term objective of 2%, but not there yet.
He continued: The path to that point is not predetermined, and when considering changes beyond the target range for the federal funds rate, we will carefully evaluate incoming data, evolutionary prospects, and balance of risks.
US retail sales rose more than expected last October, and income rose 0.4% compared to the previous month.
The US Department of Commerce in Washington announced that economists expected an increase of 0.3% on average, according to the Middle East News Agency, on Friday.
The ministry noted that sales were mainly supported by car sales, and excluding volatile car sales, retail sales rose only 0.1% in October and were expected to increase by 0.3%.
Retail sales are seen as a sign of the strength of consumption, which traditionally plays a key role in the growth of the world’s largest economy.
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Oil ends Friday trading on the decline and records weekly losses of around 5%
2024-11-15 21:54:00
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