Wall Street under pressure J&J, concern for global growth


(Reuters) – Wall Street disappeared on Friday, ending a strong week on a note-down, as Johnson & Johnson dropped heavily and global economic growth was worrying by gloomy data from China.

Traders on the floor operate at the New York Stock Exchange (NYSE) in New York, USA, October 18, 2019. REUTERS / Brendan McDermid

The world's second largest economy grew at its weakest pace in almost 30 years in the third quarter among a bitter trade war with the United States, which set aside financial markets and feared a global recession.

“China's data adds to the slow growing concept of global growth,” said Chris O Keefe, managing director at Logan Capital Management in Ardmore, Pennsylvania.

Johnson and Johnson shares fall 4.2% (JNJ.Nalso, it put an average pressure on blue-chip Dow Jones .DJI and indexes .SPX S&P 500.

The healthcare conglomerate said it would recall that there was a lot of baby powder in the United States after the Food and Drug Administration had received asbestos tracking amounts in samples taken from a purchased bottle online.

Limited losses were a strong earnings loss. Coca-Cola Co (KO.N(b) shares acquired 2.7% after the beverage manufacturer's expectations of quarterly sales, and Schlumberger (SLB.N) a rose as profit beat estimates.

“Coke is innovative and Pepsi also had stronger earnings. Overall, plenty of consumers are benefiting from these companies, ”said O Keefe.

The consumer sector increased staples .SPLRCS 0.5%, and got 0.1 .NET energy stocks.

American Express Co (AXP.N) post quarterly profits above expectations and reaffirm their 2019 earnings forecast, but the credit card issuer shares decreased by 0.7%.

Industrial Media Dow Jones. JI was down 74.85 points, or 0.28%, at 26,951.03, and the 500.SPX S&P was down 4.45 points, or 0.15%, at 2,993.50. The Nasdaq Composite .IXIC was down 40.40 points, or 0.50%, at 8,116.46.

The earning season has begun after the S&P 500 and Dow indices are on track for the second straight week of gains, while the Nasdaq .IXIC was rising for the third consecutive week.

Of the 73 S&P 500 companies 500 to report results to date, earnings are up to 83.6%.

Investors are now preparing for earnings from technology companies next week, including those from Microsoft Corp (MSFT.O) and Intel Corp (INTC.O).

The analysts are still expecting S&P 500 third quarter earnings will have fallen by 3.1%, according to Refinitiv data, the first contraction since mid-2016.

Macy (M.N), Gap Inc (GPS.N) and L Brands (LB.N) led losses among S&P 500 companies, with reductions between 5% and 8% after Credit Suisse their shares were downgraded and said that weak retail trends in the third quarter could continue and fall and holiday season.

The declining issues and numbers of people progressing for a 1.01-to-1 ratio on the NYSE and for a 1.33-to-1 ratio on the Nasdaq were not mentioned.

The S & P index recorded 20 new 52-week peak and a new low, while the Nasdaq recorded 40 new victories and 32 new ages.

Reporting by Shreyashi Sanyal and Medha Singh in Europe Europe; Edited by Sriraj Kalluvila

Our Standards:The principles of Thomson Reuters Trust.



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