Weak start to the US week

» Published: August 26 2024

Weak start to the US week
Photo: Peter Morgan/AP/TT

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Trading on the New York Stock Exchange fell slightly on Monday.

The broad S&P 500 index fell 0.3 percent, while the tech-heavy Nasdaq composite index closed at minus 1 percent. The Dow Jones industrial index rose slightly, just 0.2 percent.

Semiconductor giant Nvidia fell 2 percent ahead of its quarterly report, which will be released on Wednesday. The figures there may come to set the direction for the entire stock market going forward.

Microsoft (-0.8 percent) and Facebook owner Meta (-1.3 percent) also fell.

Chinese company PDD Holdings, which is behind the e-commerce platform Temu, reported a sharp revenue increase and plummeted nearly 29 percent. The poor figures are mainly due to weak sales figures for the domestic e-commerce platform Pinduoduo in China.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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