U.S Markets Fall with Economic Data and Profit Booking

Stocks fell from their record highs with economic data and shutdowns causing concerns for investors.

The S&P 500 is in the red after a five-day rally, mostly fueled by tech shares. Home Depot fell on weaker-than-expected results, while Walmart moved up. Production numbers at U.S. factories strengthened by the most in four months.

Stoxx Europe is up by 0.021%

Dow Jones is up by 0.77%

NASDAQ is down by 0.66%

Walmart Reports Strong US Sales, Beats Estimates

American retail corporation Walmart on Tuesday reported solid sales in the US with a 2.4% increase in total revenue to $141 billion in the second quarter compared to last year. U.S store sales rose 5.2% against the 9.3% growth in the June quarter of 2020, but better than the estimated growth of 3.69%. Profits are 34% down to $4.3 billion compared to the Q2 of last year.

U.S Reports Weak Retail Sales In July

The U.S Commerce Department said on Tuesday the retail sales are down by 1.1% in July compared to June, led by a 0.4% drop in auto sector sales. Restaurants and bars reported good numbers with a 1.7% rise in sales. One of the reasons behind this is, people shifted the spending of money from goods to services like entertainment and travel.   

Germany  Stops Development Aid For Afghanistan

German Development Minister Gerd Mueller said on Tuesday the country has temporarily halted the development aid for Afghanistan. The minister also said the government is trying to evacuate local development officials and NGO workers from Afghanistan. Germany is one of the biggest donors to the country, sending 430 million euros (Rs 3,762 crores) a year.

NewZealand Announces Three-Day Nationwide Lockdown

New Zealand Prime Minister Jacinda Ardern announced a three-day nationwide lockdown after one new case of the Coronavirus was reported in its largest city of Auckland. This is the first case since February 2021 and the lockdown will start from midnight tonight. The country’s go-hard-and-early strategy was highly helpful in defending the Covid pandemic.

UK Approves Moderna Covid Vaccine For 12-17-Year-Olds

The UK health regulator on Tuesday approved the use of Moderna’s Covid-19 vaccine in children aged 12 to 17 years. The regulator has already approved the use of Pfizer and German partner BioNTech’s Covid-19 vaccine in children aged 12 to 15. At the time of writing the stock is more than 6% up in NASDAQ.

Chinese Stocks in the U.S. fall after Fresh Regulations

Chinese stocks listed in the U.S. are facing the next round of selling pressure with authorities in Beijing once again putting pressure on these companies. 

The index tracking Chinese stocks in NASDAQ fell more than 4.5% today after the Chinese Administration for Market Regulation issued new rules aimed at preventing unfair online competition. 

Saudi Aramco is in advanced talks for $25 Billion Reliance Deal

Saudi Aramco is said to be in advanced talks to acquire a stake in Reliance’s oil refining and chemicals business. The Saudi Arabian state firm is looking to purchase a 20% stake in the Reliance unit for about $25 Billion(~Rs 1.85 lakh crores) by exchanging the same amount worth of Aramco shares.

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