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Stocks fall as China’s difficulties provoke a global sell-off: today’s stock market headlines
As a retail-heavy week began with ongoing consumer resilience in the US, US stocks were part of a global sell-off Tuesday, but China provided a bleak image for the world’s second-largest economy.
The Dow Jones Industrial Average (DJI) dropped 1% as bank stocks sank over fears of tighter regulation. The S&P 500 (^GSPC) dropped nearly 1.2%, while the tech-heavy Nasdaq Composite (^IXIC) decreased 1.1%. The changes added to the gloomy August for stocks, which had an upbeat day on Monday, with the Nasdaq gaining more than 1%.
Home Depot (HD) kicked off retail results week by overtaking predictions but warning of “continued pressure” on consumers, citing a drop in home-renovation projects. Target (TGT) will report on Wednesday, followed by Walmart (WMT) on Thursday.
Meanwhile, retail sales figures released Tuesday morning indicated that the US consumer remained in excellent shape. Retail sales increased by 0.7% in July, exceeding Wall Street’s forecast of 0.4% rise.
China’s ongoing economic difficulties took center stage around the world, as the country reported a significant drop in economic health. China’s central bank unexpectedly reduced a range of key interest rates in an effort to boost development in the country’s failing economy. Notably, it also halted the publication of its youth unemployment numbers after months of spiraling.