US stocks post weekly losses amid concerns over trade tensions

0 Comment(s)Print E-mail Xinhua, August 26, 2019
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On the data front, the U.S. manufacturing purchasing managers' index (PMI) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to IHS Markit on Thursday. Any reading below 50 signals a contraction.

Tim Moore, economics associate director at IHS Markit, said in a statement that August's survey data provides a clear signal that economic growth has continued to soften in the third quarter.

"The PMIs for manufacturing and services remain much weaker than at the beginning of 2019 and collectively point to annualized GDP growth of around 1.5 percent," said Moore.

"Manufacturing companies continued to feel the impact of slowing global economic conditions, with new export sales falling at the fastest pace since August 2009," he added.

The weak economic data added to market's fears for a U.S. economic recession.

In corporate news, Target reported GAAP earnings per share from continuing operations of 1.82 dollars in the second quarter of 2019, up 22 percent from the same period last year. Its total revenue reached 18.4 billion dollars, up 3.6 percent.

Its comparable sales, a key metric for retailers, grew 3.4 percent. It was driven by a 2.4-percent traffic growth.

Lowe's reported diluted quarterly earnings per share of 2.14 dollars and revenue of 21 billion dollars. Its comparable sales increased 2.3 percent. All three numbers exceeded Wall Street estimates.

Home Depot reported quarterly revenue of 30.8 billion dollars, up 1.2 percent from the same period last year. Its diluted earnings per share was 3.17 dollars. While its earnings beat expectations, its revenue fell short of estimates, according to Refinitiv data.

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