US stocks fall after economic data from China disappoints

US stocks fall after economic data from China disappoints

By Liz Moyer – US stocks fell on Monday but recovered some of their losses after economic data from China disappointed and as investors prepare for retail sales data and earnings from major retailers in the US

At 10:30 ET the price fell 37 points or 0.1% while the price fell 0.2% and fell 0.4%.

China’s economy was hit by Covid lockdowns, as shown in recent data. Retail sales in April fell 11.1% year-on-year, more than expected 6.1%. Industrial production fell 2.9% from last year.

Dow is lower for the seventh time in eight days. Goldman Sachs economists reduced their outlook for US GDP growth to 2.4% this year from their previous forecast of 2.6%, citing tighter financial conditions.

April comes out from the government early Tuesday. Analysts expect a gain of 0.9% from March, as consumers continue to use despite a lack of government stimulus and higher prices of household items. A number of retail earnings are also on deck this week, starting with Walmart Inc (NYSE 🙂 on Tuesday and Goal Corporation (NYSE 🙂 Wednesday.

Spirit Airlines Inc (NYSE 🙂 shares rose 9.9% after JetBlue Airways Corp (NASDAQ 🙂 made a hostile takeover bid of $ 30 per share. share for the company. Spirit had already rejected an offer from JetBlue in favor of a takeover bid from Frontier Group Holdings Inc. (NASDAQ :).

Twitter Inc (NYSE 🙂 shares fell 4% after Elon Musk told his followers on the social media platform that the company’s lawyers said he was violating a confidentiality agreement. Musk is in a $ 44 billion deal to buy the company, but will slow down until he can assess the number of spam accounts.

Oil was mixed. ticked higher by 0.1% to $ 108.70 per. barrel while falling 0.1% to $ 111.44 per barrel. barrel. was flat at $ 1,807 an ounce.

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