November 29, 2021

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Wall Street opens almost flat after US retail figures

Wall Street opens almost flat after US retail figures


Photo: ANP

Stock markets in New York opened with small price moves on Tuesday. Investors on Wall Street, among other things, focused on U.S. retail figures. In addition, quarterly results came from the supermarket group Walmart and DIY Chain Home Depot.

Shortly after the start, the Dow Jones industrial average rose 0.2 percent to 36,173. The broader S&P 500 was up 0.1 percent at 4,687 points and the technical benchmark Nasdaq was up nearly 15,880 points.

Retail sales in the United States rose 1.7 percent last month, the strongest increase since March. This figure indicates that US consumer spending is strong. Consumer spending makes up the bulk of the US economy.

Walmart is down 0.8 percent despite a better-than-expected increase in numbers and predictions. Walmart counts strong sales over the holiday season. Home Depot also received a 3 percent price increase as it exceeded expectations. Business partner Lowe received an additional 2.4 percent.

Tesla shares rose 1.4 percent. CEO Elon Musk has sold an additional $ 930 million worth of shares in the electric car maker. Last week, after he was asked by his followers in a poll on Twitter whether he should sell the shares, he sold a total of about $ 6.9 billion worth of bonds. In addition, the bank was reportedly suing JPMorgan Chase Tesla for $ 162 million for breach of contract.

Shares of home fitness equipment maker Peloton rose 4.7 percent after announcing $ 1 billion in shares. The rate of belladonna has dropped drastically recently because the demand for its fitness equipment is low due to loose corona activities and people are going back to the gym.

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Among other things, companies active with digital currencies were under pressure due to a significant decline in the prices of Bitcoin and Ether. Coinbase Global, MicroStrategy, Riot Blockchain and Marathon Digital showed minuses of up to 10 percent.