US stocks move lower and may end lower for fourth straight week

US stocks move lower and may end lower for fourth straight week

US stocks move lower and may end lower for fourth straight week

In the course of trading on Friday, US stock indexes are declining after moderate growth the day before.

The Dow Jones Industrial Average fell by 81.17 points (0.3%) by 16:51 Moscow time – to 26734.27 points. Standard & Poor's 500 lost 10.92 points (0.34%) and amounted to 3235.67 points. The Nasdaq Composite fell by 28.63 points (0.27%) – to 10643.64 points.

The US stock market may show a weekly decline for the fourth time in a row. As noted by CNBC, since the beginning of the week, the Dow Jones indicator lost 3%, the S&P 500 – 2.2%. The Nasdaq dropped 1.1%.

Costco Wholesale Corp (NASDAQ: COST) shares. depreciate by 2.5%, despite the fact that the operator of stores, warehouses in the fourth financial quarter increased revenue by 12.5% – to $ 53.4 billion. Analysts on average expected the figure at $ 52.1 billion.

Harley-Davidson Inc (NYSE: HOG). lose 0.5% in price. The American company announced its withdrawal from the Indian market – the world's largest motorcycle market.

Novavax Inc. Quotes increase by 5.6%. The American company is embarking on the final stages of clinical trials of a potential vaccine against the COVID-19 coronavirus in the UK amid a surge in infections, British media reported.

The pressure on the market continues to be exerted by news about the spread of the coronavirus in the world. The rise in new infections has led to the resumption of some quarantine measures in Europe, in particular in France and the UK.

According to CNBC, Democrats may submit a new $ 2.4 billion stimulus package next week, about $ 1 billion less than their previous proposal.

“The news that Democrats and Republicans are working on a compromise appears to be the most likely trigger for a drastic change in market sentiment for the better,” analysts at UniCredit (MI: CRDI) Bank quoted by MarketWatch said.

Meanwhile, the head of the Federal Reserve Bank (FRB) of St. Louis, James Ballard, did not rule out the recovery of the US economy to pre-crisis levels this year. “For this to happen, real GDP must grow 35% at an annualized rate in the 3rd quarter and about 10.3% at an annual rate in the fourth quarter,” he said Thursday at the Global Interdependence Center webinar. GIC).

In addition, a few days earlier, Ballard said on Bloomberg Television that the US economic recovery will continue even if Congress does not take new support measures.

Statistics released on Friday showed that US durable goods orders rose 0.4% in August from the previous month, continuing to recover from sharp declines in March and April. In July, according to revised data, the indicator jumped by 11.7%. Analysts polled by Trading Economics predicted an average growth of 1.5% in August.

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