Economic news

Wall St. falls on PMI weak data; bond stocks hints recession

Wall Street went down in Friday's trading on weaker-than-expected manufacturing PMI data, after which the United States and Europe expressed concerns over global growth.

wall street slips 2203

U.S. stocks fell after macroeconomic data in Europe and the U.S. showed negative results, triggering concerns about global growth, pulling down and treasury bonds that have not seen such a decline since 2007, which caused concerns about recession.

The Dow Jones Industrial Average fell 1.37 percent to 25,606, while the S & P 500 dipped 1.50 percent to 2,812 and the Nasdaq Composite index dropped 1.85 percent to 7,694.

The stock value movements, which significantly influenced Wall Street races should be mentioned:

  • Hibbett Sports Inc.’s shares jumped by 26 percent at 15.36 GMT after the sporting goods store reported a 3.8 percent rise in sales, compared with the fixed growth provided by analysts. Moreover, the company released a guidance for the full fiscal year 2020, which also exceeded forecasts.

  • The luxury brand Tiffany & Co.’ shares rose by 3.60 percent after a 4Q earnings report, having exceeded also Wall Street’s expectations.

  • Nike Inc.’s securities slipped by 5.42 percent, despite the report on the profit in 3Q, the results of which exceeded analysts' expectations.

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