Wall Street closes mixed; BMV spins longest losing streak since May

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July 9, 2020 | 3:40 pm

The main Wall Street indices closed mixed this Thursday and the IPC the Mexican Stock Exchange recorded its longest losing streak since May, amid a drop in initial applications for unemployment benefits and an increase in COVID-19 infections. .

The Dow Jones Industrial Average lost 1.39% to 25,706.09 units; the S&P 500 fell 0.56%, to 3,152.05 points, and the Nasdaq Composite advanced 0.53%, to 10,547.75 units.

In Mexico, the Price and Stock Index fell 1.84%, to 36,795.95 points dragged down by GAP shares, which lost more than 6%.

It is its deepest drop since June 11, as well as the worst level of the CPI since that same date.

With the losses of this Thursday, the Mexican benchmark spun four days with falls, its longest bearish streak since mid-May.

Shares of Amazon, Apple, Alphabet and Microsoft closed higher, boosting Nasdaq earnings.

In contrast, the titles of companies in the travel and leisure sectors led the losses in New York. Shares of American Airlines, United Airlines and Royal Caribbean Cruises fell at least 5%

Shares of the Walgreens Boots Alliance fell more than 7%, after reporting a drop in quarterly sales due to lower traffic in the UK, and the shares of Bed, Bath & Beyond slumped 25%, after the company said that plans to close 200 stores in the next two years.

Initial applications for unemployment benefits reached 1,314 million in the week ended July 4, bringing 14 weeks down, reported the Department of Labor.

The data was better than expected by analysts polled by Dow Jones, who anticipated 1.39 million initial requests, however, application levels remain high, suggesting that the labor market remains fragile despite record growth in the sector in June.

Investors remain focused on triggering coronavirus infections, after the United States reported 58,000 new cases in a 24-hour span, just below the record 60,000 seen on Tuesday.

Until today, the number of infections in the North American country exceeds 3 million, with a balance of more than 132,000 deaths, according to figures from Johns Hopkins University.

Wall Street’s losses contrast with the gains of the Asian markets.

China’s Shenzhen closed up 2.3% and scored its eighth breakout session, its longest streak since 2018.

Hong Kong’s Hang Seng rose 0.31%, Japan’s Nikkei gained 0.40% and Australia’s S&P ASX 200 advanced 0.59%, despite the fact that this week the authorities of that country imposed new isolation measures in Melbourne due to an increase in infections .

In Europe, markets closed in red, following the release of data showing lower than expected growth in German exports.

The Stoxx 600 fell 0.77%, the Frankfurt DAX lost 0.04%, while the CAC 40 in Paris, the Ibex 35 in Madrid and the FTSE 100 in London fell more than 1%.

In the raw materials market, oil prices They fall due to fears about the recovery in demand.

WTI for August delivery is down 3.55% at $ 39.45 a barrel, and North Sea Brent crude is down 2.43% at $ 43.24, according to Bloomberg data.

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