The New York Stock Exchange closed the first session of the week in no particular order. The S&P 500 lost 0.39% and the Nasdaq Composite 1.20%. Just above par is the Dow Jones (+ 0.08%) supported by the energy sector.
Markets penalized by fears of a possible recession triggered by the monetary tightening of the Federal Reserve (Fed) and by macroeconomic data arriving from China. In April, industrial production unexpectedly fell by 2.9% a year, against the previous growth of 5.0% and the increase of 0.4% in the Reuters consensus. Retail sales, on the other hand, fell by 11.1% annually, after the decline of 3.5% in March and against the decline of 6.1% estimated by economists.
Among the headlines Twitter -8.18%. Elon Musk does not rule out the hypothesis of an agreement to take over the social media at a price lower than the 44 billion dollars of the initial proposal (temporarily suspended). Tesla shares are also down (-5.88%).
Spirit Airlines + 13.60%. JetBlue put in $ 30 per share in cash to purchase the rival airline.
McDonald’s Corporation -0.09%. The fast-food giant has started the sale of all restaurants in Russia. The deal will have a negative impact on accounts of $ 1.2-1.4 billion.
Carvana + 0.55%. The used car dealer expects a “significant” core Ebitda in 2023.
Rivian Automotive -6.89%.
On the macroeconomic front, the Empire State Manufacturing Index, as reported by the Federal Reserve Bank of New York, fell in May to -11.6 points from 24.6 points in April (-11.8 points in March), against 17.0 points estimated by economists. The index measures economic activity in the New York region through a survey of around 200 manufacturing companies.