US Market falls on weak economic data

The US stock market finished session lower on Wednesday, 16 October 2019, as weaker than expected US retail sales data, along with concerns over simmering geopolitical tensions and a global economic slowdown offset a good start to the third-quarter corporate earnings reporting season. At closing bell, the Dow Jones Industrial Average declined 2.28 points or 0.1%, at 27,002.52, the S&P 500 lost 5.99 points, or 0.2%, to 2,989.69 and the Nasdaq Composite dropped 24.52 points, or 0.3%, at 8,124.18.

US retail sales unexpectedly fell 0.3% in September, raising concerns that the slowdown in business spending evident in the manufacturing sector, resulting from President Donald Trump's international trade policies, may be spilling over into consumer spending.

Meanwhile, doubt on prospects for the future of the trade deal between the two countries announced last Friday after the US House of Representatives passed pro-democracy legislation in support of Hong Kong, enraging Beijing. President Donald Trump said he would probably not sign any trade deal before he meets with Chinese President Xi Jinping at the upcoming APEC Forum in Chile, but said a partial trade deal was being formalised.

In commodities markets, crude oil futures on Wednesday registered their first climb in three sessions, but worries over demand prospects remained, with prices holding on to a sizable week-to-date loss. West Texas Intermediate crude for November delivery added 55 cents, or 1%, to settle at $53.36 a barrel on the New York Mercantile Exchange.

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