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17/06/24
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Global Shares Drop, Focus on Fed Comments, Data
On Monday, a measure of global stocks dropped for the third consecutive session before comments from several Federal Reserve officials.
Stocks on Wall Street, were about flat after the Nasdaq Composite and S&P 500 last week reached record levels several times.
Although economic data showed manufacturing activity in June in the New York area improved, it stayed in contraction territory with a reading of -6. Investors will watch Tuesday’s retail sales data for May closely for indications of consumer health.
The Nasdaq Composite lost 28.22 points, or 0.16%, to 17,660.54, the S&P 500 lost 5.26 points, or 0.10%, to 5,426.46 and the Dow Jones Industrial Average fell 46.49 points, or 0.12%, to 38,542.45.
Goldman Sachs increased its S&P 500 price target for the end of the year to 5,600 from 5,200.
European stocks inched down, handing back earlier gains due to a rebound in tech and bank shares. The STOXX 600 index dropped 0.09%, while the FTSEurofirst 300 index dropped 1.54 points, or 0.08%
MSCI’s index of global stocks dropped 1.80 points, or 0.23%, to 795.46, on track for its third consecutive session of losses.
European shares dropped again after last week’s heavy losses, and the STOXX 600 was about 2.4% lower, its biggest weekly percentage drop since Oct.
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