U.S. stocks fell Monday as escalating protests in Hong Kong weighed on already-dampened investor sentiment.
Right here were the predominant strikes available in the market, as of 11:58 a.m. ET.
S&P 500 (^GSPC): -0.69%, or 20.14 facets
Dow (^DJI): -0.86%, or 225.48 facets
Nasdaq (^IXIC): -0.54%, or 42.9 facets
10-year Treasury yield (^TNX): -6.8 bps to 1.666%
Gold futures (GC=F): +0.54% to $1,516.60 per ounce
U.S. buck to onshore Chinese yuan price (CNY=X): -0.0496% to 7.0577
Hong Kong Worldwide Airport – one of the busiest transportation products and companies in the enviornment – canceled all departures on Monday after hundreds of anti-authorities protesters flooded its terminal constructing. Monday’s cancellations impacted all departures after 5:50 a.m. ET moreover to a pair arrivals, for a total of extra than 100 affected flights.
The pass adopted extra clashes over the weekend between rebellion police and the pro-democracy activists, who were protesting for extra than two months in opposition of now-tabled laws that may possibly like allowed extradition from Hong Kong to mainland China.
The disruption weighed on global markets as traders regarded as the attainable for further unrest in Hong Kong, a hub for global industry. The Hang Seng index slid extra than 100 facets, of 0.44%.
Meanwhile, angst over unsettled alternate tensions between the U.S. and China remains elevated.
Investors continue to computer screen the strength of the yuan versus the buck, with China now designated a currency manipulator by the U.S. Treasury. On Monday, the Folk’s Bank of China (PBOC) situation its yuan fixing at 7.0211 per buck, marking the third consecutive session with an respectable midpoint previous the psychological 7-per-buck stage. On the opposite hand, this modified into once a stronger price than anticipated by consensus economists.
Tariffs also dwell a focal level, and were a recurring level of challenge companies like underscored in second-quarter outcomes. The selection of S&P 500 companies mentioning tariffs correct via their second-quarter earnings calls correct via this level in the reporting season is 41% bigger than the number discussing tariffs at the present in the first quarter, primarily based mostly totally on an evaluation by FactSet. Specifically, 124 companies had talked about tariffs on earnings calls as of Friday, versus 88 on the same level in the first quarter of this year, FactSet realized.
“It is attention-grabbing to original that the selection of S&P 500 companies citing ‘tariffs’ had declined for three straight quarters except Q2 2019,” FactSet analyst John Butters wrote in a gift. “But, primarily based mostly totally on the numbers for Q2 2019, it appears issues about tariffs will most definitely be assist on the upward thrust for S&P 500 companies.”
Selection of S&P 500 companies citing "tariff" on earnings calls
And and not using a visual pause in observe for the U.S.-China alternate battle, economists like shifted their expectations to explore an further dampening to home output resulting from alternate sparring.
Goldman Sachs economists on Monday said they now peek a peak cumulative creep on GDP of 0.6%, due in phase to an anticipated decrease to corporate capital expenditure as a outcomes of industry uncertainty over the coverage outlook. The economists said they now anticipated Q4 GDP enhance of 1.8% quarter-over-quarter, down 0.2 percentage facets from their prior estimate.
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Apply her on Twitter: @emily_mcck" recordsdata-reactid="45" form="text">Emily McCormick is a reporter for Yahoo Finance. Apply her on Twitter: @emily_mcck
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