September 20, 2021

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The third loss in a row for the Dow Jones |  Financial

The third loss in a row for the Dow Jones | Financial

Commodity companies such as oil and steel producers have fallen sharply due to lower oil and metal prices. Concerns about economic recovery persisted due to the advance of the delta version of the coronavirus on Wall Street, as did the impending phase-out of asset purchase programs by the Federal Reserve.

The Dow Jones Leading Index closed 0.2 percent lower at 3,4894.12 points. The broad S&P 500 index rose 0.1 percent to 4,405.80 points, and the Nasdaq technology index rose 0.1 percent to 14,541.79 points.

Shares of US Steel Group and Freeport McMorran Steel and Mining fell more than 7 percent, oil and gas producers ExxonMobil, Chevron and ConocoPhillips fell up to 3 percent, while oil service companies such as Schlumberger and Halliburton lost up to 4 percent.

Oil prices fell to their lowest level since May for the sixth consecutive day. The price of a barrel of US oil became 2.2% at $64.02. The cost of Brent oil is down 2 percent at $66.87 a barrel.

In terms of business results, attention has focused on chip producer Nvidia, among other things. The company performed better than expected last quarter and posted a 4 percent gain. Shares of network equipment maker Cisco Systems Inc. rose 3.8 percent after the figures.

Lingerie brand Victoria’s Secret fell 3.5 percent. Brand sales were well below expectations. Robinhood Markets’ investment app is down more than 10 percent, mainly due to weak expectations for the current quarter. Other companies with department store chain numbers include Kohl’s (up 7.3%) and Macy’s (up 13%).

Amazon lost 0.4 percent. The group of online stores is said to have plans to open its own stores in the United States.

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Facebook has remained virtually unchanged. The competition regulator, the Federal Trade Commission (FTC), is making another attempt to crack down on alleged abuses of power by Facebook. Therefore, the watchdog filed an amended lawsuit in federal court. An earlier charge was dismissed in June.

It was also announced that the number of jobless claims in the US fell more than expected. This was the fourth week in a row that the number of orders fell.

The value of the euro was $1.1675, compared to $1.1699 the day before.