by Chuck Mikolajczak
NEW YORK (Reuters) – The New York Stock Exchange ended lower on Thursday, after disappointing economic data fueled fears that the U.S. economy is slowing more quickly than expected.
The Dow Jones index fell 1.2%, or 494.82 points, to 40,347.97 points.
The broader S&P 500 lost 75.62 points, or 1.4%, to 5,446.68.
The Nasdaq Composite fell by 405.255 points, or 2.3%, to 17,194.145 points.
The markets had opened higher, driven in particular by the encouraging results of Meta Platforms. Wall Street, however, entered negative territory after the publication of the ISM manufacturing activity indicator, which showed a significant weakening of recruitment in the secondary sector.
“What we’re seeing… is a kind of consolidation and sideways price action,” said Bill Strazzullo, chief strategist at Bell Curve Trading in Boston.
The Labor Department also announced that unemployment claims increased in the United States during the week ending July 27, to 249,000 compared to 235,000 the previous week.
Investors are now awaiting the publication of the monthly US employment report on Friday, a key element for the trajectory of rates.
Apple and Amazon fell ahead of their quarterly results, expected after the close of trading, weighing on the technology and consumer discretionary sectors.
Nvidia declined as the semiconductor sector was hit by quarterly results from Arm Holdings and statements from Qualcomm warning of the impact of trade tensions on its revenue.
Moderna also ended lower after the drugmaker cut its 2024 sales forecast for its COVID-19 and respiratory syncytial virus (RSV) vaccines by nearly 25%.
(With Chibuike Oguh; by Camille Raynaud)
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