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After a gap down opening and a subsequent fall to lower levels, U.S. stocks languished in the red right through the day’s session and eventually ended on a weak note on Tuesday.<\/p>\n
Rising worries about the health<\/span> of China’s economy<\/span>, and concerns about U.S. interest rate after data showed a bigger than expected increase in retail sales in the month of July rendered the mood bearish.<\/p>\n Higher bond yields, and a warning from Fitch that it may have to downgrade credit ratings of several banks, including JP Morgan, hurt as well.<\/p>\n The major averages all ended notably lower. The Dow ended with a loss of 361.24 points or 1.02 percent at 34,946.39. The S&P 500 ended down 51.86 points or 1.16 percent at 4,437.86, and the Nasdaq settled at 13,631.05, recording a loss of 157.28 points or 1.14 percent.<\/p>\n Data from the Commerce Department showed retail sales in the U.S. increased 0.7 percent month-over-month in July, rising for the fourth consecutive month. Retail sales rose 0.3 percent in June.<\/p>\n The bigger than expected increase in retail sales has raised the possibility of the Federal Reserve deciding to keep interest rates higher for longer.<\/p>\n Data from the Labor Department showed export prices in the U.S. surged 0.7 percent month-over-month in July after a downwardly revised 0.7 percent fall in June. On a yearly basis, export prices dropped 7.9 percent, following an 11.9 percent decline in June.<\/p>\n Import prices rose 0.4 percent in July, following a downwardly revised 0.1 percent drop in June. Year-on-year, import prices were down 4.4 percent compared to 6.1 percent plunge in June.<\/p>\n Major banks JP Morgan, American Express, Wells Fargo, Citigroup and Goldman Sachs, all ended weak, losing between 1.7 to 2.8 percent.<\/p>\n Chevron, Caterpillar, Intel, 3M and Walt Disney lost 2 to 2.8 percent. Boeing, Travelers Companies, Walgreens Boots Alliance, Visa, Cisco Systems and Nike ended lower by 1 to 1.7 percent.<\/p>\n Apple, Meta Platforms and Alphabet also ended notably lower.<\/p>\n Amgen climbed nearly 2 percent. Home Depot gained about 0.8 percent.<\/p>\n In overseas trading, Asian stocks ended on a mixed note on Tuesday after a slew of Chinese economic data missed expectations and the country’s central bank cut a key interest rate in an effort to boost flagging growth.<\/p>\n European stocks closed notably lower on Tuesday amid rising concerns over the health of the world’s second largest economy, and uncertainty about the outlook for interest rates. Higher bond yields hurt as well.<\/p>\n China’s consumption and investment cooled further in July, and factory production growth also decelerated.<\/p>\n Meanwhile, China’s central bank unexpectedly cut key policy rates for the second time in three months in its efforts to boost economic recovery.<\/p>\n The pan European Stoxx 600 ended down 0.93 percent. The U.K.’s FTSE 100 dropped 1.57 percent, Germany’s DAX drifted down 0.86 percent, and France’s CAC 40 fell 1.1 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n