Wall Street falls as growth stocks, glum China data weigh [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Advertisement Chinese and European stock markets fell, while oil slid as data showed China’s economic activity cooled sharply in April as COVID-19 lockdowns took a heavy toll on consumption, industrial production and employment. Nine of the 11 major S&P sectors declined in morning trade. Technology and consumer discretionary stocks fell 1.6% and 1.8%, respectively. Big growth companies such as Amazon.com, Alphabet Inc, Microsoft Corp, Apple Inc, Tesla Inc and Nvidia Corp slipped between 1.1% and 2.6%. Energy shares outperformed and were up 1.5%. Wall Street closed sharply higher on Friday, but still the S&P 500 and the Nasdaq indexes posted their longest weekly losing streaks in over a decade. “Investors are just a little bit skeptical. They’re just sort of testing the waters to see if the rally is going to continue or go back down,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. “We’re clearly not out of the woods as far as the economy is concerned.
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