clearn.png
Monday November 29th, 2021 1:15AM

Wall Street opens lower; investors grow cautious on outlook

By The Associated Press

Stocks were slightly lower in early trading on Friday, retreating from highs the market set the day before. The market remains focused on trillions of dollars of potential government aid that could be coming for the economy, as Democrats move forward with their stimulus package.

The S&P 500 index was down less than 0.1% as of 9:50 a.m. Eastern. The Dow Jones Industrial Average was down 0.1% and the Nasdaq Composite fell 0.2%. The Russell 2000 index of small companies was down 0.5%.

Investors are hoping for a new round of U.S. government aid as the economic recovery falters. The latest U.S. government report on jobless claims reaffirmed that employment remains a weak spot in the economy, even as vaccine distribution ramps up in the hopes of eventually ending the pandemic. The University of Michigan survey of consumer sentiment came in well below expectations as well, a sign that consumers are wary to spend in the face of economic uncertainty.

Investors do not expect the market to move substantially higher in the near term until there's more clarity on the future of government stimulus and the direction of the U.S. economy. Democrats have decided to use a legislative process that does not require Republican support to pass the $1.9 trillion package.

Mohawk Industries shares jumped nearly 10% after the company posted stronger-than-expected quarterly earnings.

Bumble shares rose a further 6%, extending big first-day gains Thursday on the company's initial public offering.

Most Asian markets were closed to mark the Lunar New Year.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Biden views Valentine's Day decorations on WH lawn
First lady Jill Biden had installed before dawn Friday special Valentine’s Day artwork on the north lawn of the White House: giant pink, white and red hearts that resemble the popular candy
9:31AM ( 26 minutes ago )
Int'l Criminal Court member states to elect new prosecutor
Member states of the International Criminal Court are electing a new prosecutor to replace incumbent Fatou Bensouda when her nine-year term expires later this year
9:30AM ( 27 minutes ago )
Fake German heiress released from prison in fraud case
A grifter convicted of paying for a lavish lifestyle by impersonating a wealthy German heiress has been released from a New York prison
9:16AM ( 41 minutes ago )
Associated Press (AP)
UK economy suffers biggest drop since 1709
Britain’s economy suffered its biggest decline in more than 300 years in 2020 as the coronavirus pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing
7:29AM ( 2 hours ago )
Myanmar draft cybersecurity law adds to protests over coup
A draft cybersecurity law due to be implemented in Myanmar has raised protests that it will be used to quash dissent rather than protect privacy
7:13AM ( 2 hours ago )
The Latest: European nations help Portugal with outbreak
German pharmaceutical company CureVac says it has begun submitting data on its coronavirus vaccine to the EU regulator with the aim of speeding up the approval process
6:20AM ( 3 hours ago )
AP Business
Kim lays blame at officials for N. Korea's economic failures
North Korean leader Kim Jong Un ripped into the performance of his Cabinet and fired a senior economic official he appointed a month ago, saying they’d failed to come up with new ideas to salvage an economy in decay
12:14AM ( 9 hours ago )
Democrats pushing Biden's COVID-19 bill through House panels
Democrats have pushed half of President Joe Biden’s $1.9 trillion COVID-19 relief plan through a House committee, and other House panels on their way to completing their own pieces of the sweeping legislation
10:08PM ( 11 hours ago )
US stock indexes wobble as investor caution offsets optimism
Stocks are closing nearly flat on Wall Street Thursday as investors remain cautiously optimistic about prospects for a new round of government aid as the economic recovery seemingly stalls
4:59PM ( 16 hours ago )
AP Business - Economy
Biden in call with China's Xi raises human rights, trade
Joe Biden has held his first call as president with Xi Jinping, pressing the Chinese leader about trade and Beijing’s crackdown on democracy activists in Hong Kong
12:48PM ( 21 hours ago )
Stocks edge higher as solid earnings reports continue
Stocks edged higher on Wall Street in morning trading Thursday
11:43AM ( 22 hours ago )
Wall Street opens higher after Biden speaks with China's Xi
Wall Street is opening higher Thursday, after President Joe Biden held his first talk with Chinese leader Xi Jinping since taking office
9:49AM ( 1 day ago )
AP Business - Financial Markets
Int'l Criminal Court member states to elect new prosecutor
Member states of the International Criminal Court are electing a new prosecutor to replace incumbent Fatou Bensouda when her nine-year term expires later this year
9:30AM ( 27 minutes ago )
Fake German heiress released from prison in fraud case
A grifter convicted of paying for a lavish lifestyle by impersonating a wealthy German heiress has been released from a New York prison
9:16AM ( 41 minutes ago )
Chinese TV features blackface performers in New Year's gala
Chinese state TV included dancers in blackface depicting Africans in a holiday gala for the second time in three years, prompting criticism online, as Asia welcomed the Year of the Ox with subdued festivities amid travel curbs to contain renewed coronavirus outbreaks
9:12AM ( 45 minutes ago )
Australian Open: No-look shot in Serena's win; COVID fan ban
Serena Williams used a no-look shot to help complete a comeback at an Australian Open where spectators will be banned as of Saturday because of a local five-day lockdown
9:04AM ( 54 minutes ago )
Djokovic says he has torn muscle after Australian Open win
Novak Djokovic says he has a torn muscle after falling during his five-set victory over American Taylor Fritz in the Australian Open's third round
8:51AM ( 1 hour ago )