Home Finance specialist Stock Market Today: The Dow Jones Is Up, China Gaming Stocks Plunge, Oil Is Up

Stock Market Today: The Dow Jones Is Up, China Gaming Stocks Plunge, Oil Is Up



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Chinese gambling stocks plunged over fears of a crackdown in Macau.

(Paul Yeung / Bloomberg)

Shares were mixed on Wednesday, as investors remain concerned about the global economy. Growing cases of Covid-19 around the world are hurting sales for many companies.

In the afternoon discussions, the

Dow Jones Industrial Average

was up 198 points, or 0.6%, after the index fell 292 points on Tuesday to close at 34,577.

S&P 500

increased by 0.7%, and the

Nasdaq composite

was up 0.4%. The S&P 500 is still down nearly 1.5% from its all-time high, reached on September 2. The 10-year Treasury yield rose to 1.32%.

Industrial production in the United States rose 0.4% month over month in August, according to estimates. Production increased 5.9% year-on-year.

“Stronger demand for durable goods suggests increased production once supply issues are resolved next year,” wrote Andrew Hollenhorst, economist at Citigroup.


Industrial Sector Select SPDR

Exchange-Traded Fund (XLI), many components of which benefit from heavy capital spending, increased 1%

As companies continue to invest in new equipment for long-term growth, “industrial production and capital spending will work in favor of the market,” said Yung-Yu Ma, chief investment strategist at BMO Wealth management.

Overseas, Hong Kong

Hang Seng Index

fell 1.8% as Asian investors focused on a sharp slowdown in retail sales in China. The consensus expected August retail sales to increase 7% year-on-year, but the reading was only 2.5%. Industrial production rose 5.3%, below expectations of 5.8%.

“The non-tolerance to the spread of Covid and the consumer reaction was clearly apparent in the retail sales figures outside of China for August,” writes Peter Boockvar, chief investment officer at Bleakley Advisory Group.

The pan-European

Stoxx 600

fell 0.8% with the spotlight on UK inflation, which hit 3.2% in August, the biggest annual jump on record.

Analysts noted that investor sentiment is more generally mixed as concerns continue to focus on the possibility of a market correction.

“Yesterday, the S&P 500 closed -0.32% from its 50-day moving average, and the index has only closed below that average once since March 8 (back on June 18), “noted Jim Reid, strategist at Banque Allemande. “Overall, we haven’t seen a fix yet, as many expect, but we’ve seen a stall.”

On Monday, Reid and his team released a monthly survey of more than 550 global financial professionals showing that 58% expect stocks to correct between 5% and 10% before the end of the year. Another 10% saw a market correction of over 10% coming.

Here are 13 actions in motion on Wednesday:

Gaming stocks on display in Macau, the world’s largest gaming hub, plunged as Chinese regulators turned their attention to the sector. Wynn Resorts (ticker: WYNN) fell 7.7%.

Sands of Las Vegas

(LVS) fell 3.5%. Potential regulation could include increased residential ownership of casinos in China, which could force U.S. shareholders to sell. Fortunately, “we believe the valuation is largely risk-free for LVS, but we are on the sidelines of WYNN,” wrote Stephen Grambling, analyst at Goldman Sachs.


(9984. Japan) fell 6% in Hong Kong as concerns persisted over regulatory oversight of China’s tech sector, including

Ali Baba

(BABA) —to which Softbank is heavily exposed.

Cyber ​​security specialist

Dark trace

(DARK.UK) rose 13.6% in London after releasing optimistic quarterly results, the first since its IPO. The company has raised its forecast for revenue growth and profit margins next year.

The luxury goods sector remains under pressure for a second day amid concerns over the spread of Covid-19 in Asia, the industry’s most critical market.






(CFR.Suisse) and


(KER.France) all declined.

Yum China Holdings

The stock (YUMC) fell 6.4% after the company said its operating profit for the third quarter could fall 50% to 60% year-on-year as outbreaks of Covid-19 in China affected sales.

Regeneron Pharmaceuticals

(REGN) gained 1.1% after the the company announced that it would sell an additional 1.4 million doses of his treatment with monoclonal antibody against Covid-19 in the US government.

Therapeutic sage

(SAGE) increased by 3.7% after the The Food and Drug Administration has given the company an expedited designation for his treatment for Huntington’s disease.


The stock (MSFT) gained 1.4% after the company announced that it was increasing its dividend.

Write to Jacob Sonenshine at [email protected]



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