Reuters Insider - Wall Street drops on weak data

Capital Securities

05/03/2019 01:13

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_a6rvt71i&referenceId=tag:reuters.com,2019:newsml_OVA4LWE4R_930&pageId=ReutersNews
Source: Reuters Insider

Description: Wall Street's major indexes slumped on Monday after a weak U.S.
construction spending report. Fred Katayama recaps the market action.
Short Link: https://reut.rs/2tRXJMS

Video Transcript:

Weak economic data killed the morning rally on Wall Street on Monday. The S&P
500 fell back below the 2,800 level but finished well following the day's low.
The surprise drop in construction spending in December sparked a broad decline
led by telecom and healthcare stocks. Spartan Capital Securities Chief Market
Economist Peter Cardillo.

I think that the construction data gave an incentive to investors to take some
money off the table. And as a result of that, the market was down.

Children's Place wiped out its gains this year. Shares plummeted after the
kids' apparel retailer's quarterly profit and revenue missed Wall Street's
targets by their biggest margins in at least two years. Kraft Heinz shares
gained ground. Morgan Stanley raised its rating on the food-maker to equal
weight. In Europe, a rally in energy and industrial stocks pulled the major
markets higher, but the German DAX closed flat