U.S. stocks recorded their biggest one-day decline in nearly six weeks
if you are interested in it ,
Get free samples :sales@edabearings.com
Major U.S. stock indexes posted their biggest one-day decline in nearly six weeks on Wednesday, after data on employment and manufacturing showed that the U.S. -China trade war had a growing impact on the U.S. economy.
What aggravated trade concerns was that the United States received WTO approval on Wednesday to impose tariffs on US $7 billion 500 million worth of EU goods. The EU's illegal subsidies to air bus (Airbus) could trigger a tit for tat cross trade trade war.
S&P's 11 major sectors fell across the board, with energy and financial stocks falling more than 2%.
The national employment report of ADP, a private employment service, showed that the number of new jobs in the US in September was lower than expected. In August, the employment growth rate was revised down, saying that "enterprises have become more cautious in recruiting", and small businesses have become "especially hesitant".
A report released on Tuesday showed that factory activity in the United States has shrunk to its lowest level in more than a decade, adding to market concerns.
"The fact that manufacturing is underperforming in the US and the global economy should not be news to anyone. But yesterday's figures were less than expected to push the trend of US stocks over the next two days, "said Greg Boutle, head of US equity and derivatives strategy at BNP Paribas, Paris.
Recent weak data have shaken investor confidence in the quality of the U.S. economy. Faced with the slowdown of global economic growth, the U.S. economy has shown relative resilience. Confidence in the U.S. economy helped support U.S. stocks this year.
PREVIOUS:Major German Economic Institutions Reduced their Economy by a Big margin NEXT:US supermarket giant Kroger will cut hundreds of jobs