FXStreet (Mumbai) – The stock markets in the US dropped in the early trading after a 6-week rally as investors react negatively to increased odds of Fed tightening in December.
At the time of writing, the Dow Jones Industrial Average (DJIA) was down 0.90% or 163 points. The S&P 500 was down 0.88% or 18.55 points. The Nasdaq index was also down 0.8%.
Most of the DJIA sector indices traded in red except the Utilities. Among the DJIA stocks, shares in IBM were down 2%, Nike shed 1.6%. On the other side, DuPont strengthened 0.7%.
Investors ditched stocks as they now believe the Fed shall move rates in December. The stock markets are also reacting negatively to the weak Chinese and global economic data. Customs data showed China’s imports fell by 18.8% in October from a year earlier, while the exports shrank 6.9% in a sign of weak global demand.
(Market News Provided by FXstreet)