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The situation in the financial markets of the United States

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The situation in the financial markets of the United States
August 24
09:00 2018

Yesterday, the US stock market ended the session with a decline. The low trade activity was the reason for this.

The minutes of the Fed meeting were published the day before. At the moment the market is waiting for the speech of Jerome Powell, Chairman of the Federal Reserve. We recall that a month earlier, investors agreed that the Central Bank of the United States was going to increase the base interest rate in the first month of autumn. Their opinion was based on the minutes of the Fed meeting.

The market estimates the probability of raising the rate at the next meeting of the Federal Reserve in more than 90%. Experts believe that Mr. Powell will express his opinion on potential threats to the economy. The market is closely monitoring the public manifestations of the eccentric President of the United States. Analysts do not exclude the possibility of impeachment in the near future. The recognition of the former President’s lawyer in tax evasion and breaches of financial discipline have been an issue of some contention.

Donald Trump said that trying to impeach him would lead to a severe economic crisis in the United States.

The data that showed the growth of the labor market was released yesterday. Last week the number of the US citizens, who applied for unemployment compensation for the first time, declined by 2 thousand people (to the value of 210 thousand). The last time such a picture was observed almost 50 years ago.

Last month, sales of new homes in the country fell by 1.7% despite the active growth of the labor market. Analysts did not expect a decrease, but an increase in sales by 2.2% in July.

Shares of the Chinese retailer Alibaba have fallen by 3.2%. This happened as the quarterly figures of the Internet giant had not met the expectations of the market analysts.

The Company L Brands Inc has brought bad news too. It is known primarily for the lingerie brand Victoria’s Secret. The company’s capitalization has declined by 11%, quarterly profit has amounted to 29%. The decision of Denise Landman, Victoria’s Secret CEO, to resign at the end of the year has also disappointed the investors.

Yesterday The Dow Jones Industrial Average dropped to 76.62 points (0.3%) amounting to 25656.98 points. This fall had happened by the closing time of the market.

Standard & Poor’s 500 fell by 4.84 points (0.17%) to the level of 2856.98 points.

Nasdaq Composite decreased by 10.64 points (0.13%) and totaled 7878.46 points.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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