U.S. stock indexes fell on Friday following a two-day rally, as worries persisted about the spillover from debt-laden China Evergrande, while Nike tumbled after cutting its sales forecast. Six of the 11 major S&P sectors advanced in early trading, with economy-sensitive energy, financials and defensive utilities shares leading gains. Technology and consumer discretionary were the biggest losers. Nike Inc. dropped 6.5 percent to weigh the most on the Dow and the S&P 500 after warning of delays during the holiday shopping season, blaming a supply chain crunch. Shares of peer Under Armour also fell 3 percent, while footwear retailer Foot Locker dropped 5.7 perecnt. “There is a real risk that companies are going to miss earnings expectations despite there being strong demand for their products and services,” said Russ Mould, investment director at AJ Bell. “The cost pressures are so clear that widespread downgrades to profit margins seem inevitable in …
Wall Street Rally Fizzles out as Evergrande Worries Persist; Nike Drops
September 24, 2021
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