Wall Street Tumbles, Hit By Weak Earnings, China

On Friday, Wall Street opened sharply lower with all the major indexes falling by one percent or more.

The low numbers were as a result of investor concerns that had been brought about by the clamp-down on margin trading in China. The disappointing numbers which are being reported by some U.S. corporations have also increased investor concerns.

The country’s ten major sector all posted significant declines. The SPSY posted a decline of 1.31% while the SPLRCD also posted a decline of 1.37%.

J.P. Morgan’s Asset Management Global Market Strategist, Anastasia Amoroso said that, “Today there is a confluence of excuses to move lower. There isn't one single good reason to move higher.”

According to General Motors (GE.N) and Honeywell International (HON.N), the lower revenue which was posted by the two companies was as a result of a strong dollar.

Honeywell International (HON.N) posted a decline of 2.2%. General Motor’s share GE posted a decline earlier in the day but ended the day strong posting an increase of 0.5% to stand at $27.43.

Also down were shares for American Express, the AXO.N posted a decline of 4.7% to close the day at $77,27. The decline in price shares was brought about by American Express’ revenue which fell short of estimates which were initially set out by analysts. In addition to that it has also lost a number of co-branded tie-ups.

According to Joe Saluzzi, a co-manager of trading at Themis Trading which is based in Chatham, New Jersey, “Eventually people have to say, 'OK, forget about the Fed and central bankers’ nonsense and focus on the fundamentals,' because if the large-caps are coming in with lower-than-expected earnings, then you know that other smaller companies will be in trouble.”

 

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