US markets settle lower amid lingering concerns about global economic outlook

01 Jul 2022 Evaluate

The US markets ended lower on Thursday amid lingering concerns about the global economic outlook and the possibility of a recession. A report from the Commerce Department provided further evidence of an economic slowdown, showing personal spending increased by less than expected in the month of May. The Commerce Department personal spending edged up by 0.2 percent in May after climbing by a downwardly revised 0.6 percent in April. Street had expected personal spending to increase by 0.5 percent compared to the 0.9 percent advance originally reported for the previous month. Real personal spending, which excludes price changes, fell by 0.4 percent in May after rising by 0.3 percent in April. Meanwhile, MNI Indicators released a report showing growth in Chicago-area business activity slowed by more than expected in the month of June. The report showed the Chicago business barometer slumped to 56.0 in June from 60.3 in May. While a reading above 50 still indicates growth, street had expected the business barometer to dip to 58.0.

With the bigger than expected decrease, the Chicago business barometer dropped to its lowest level since August of 2020. The pullback by the business barometer came as the new orders index tumbled by 9.8 points to a two-year low of 49.9, while the production index slid by 5.7 points. On the sectoral front, Gold stocks moved sharply lower over the course of the session, dragging the NYSE Arca Gold Bugs Index down by 4.3 percent to its lowest closing level in over two years. The sell-off by gold stocks came amid a decrease by the price of the precious metal, with gold for August delivery falling $10.20 to $1,807.30 an ounce. Substantial weakness was also visible among steel stocks, as reflected by the 2.4 percent slump by the NYSE Arca Steel Index. Energy stocks also showed significant moves to the downside as the price of crude oil for August delivery plunged $4.02 to $105.76 a barrel.

Dow Jones Industrial Average fell 253.88 points or 0.82 percent to 30,775.43, Nasdaq lost 149.16 points or 1.33 percent to 11,028.74 and S&P 500 was down by 33.45 points or 0.88 percent to 3,785.38.

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