US stocks pull back from record highs on worries about slowing China growth

Traders NYSE
  • All major US stock indexes fell Monday on concerns about slowing economic activity in China.
  • Chinese industrial production and unemployment figures were sources of worry for investors.
  • The S&P 500 and the Dow Jones industrial average ended last week at record highs.
  • See more stories on Insider's business page.

US stocks fell from record highs on Monday amid concerns over slowing Chinese economic growth after a batch of disappointing data from the world's second-largest economy.

The S&P 500 and the Dow Jones industrial average slip after Chinese readings on industrial production, retail sales, and investment activity in July came much weaker than expected, while unemployment increased. The data added to concerns about the impact of the Delta variant of the coronavirus on the economy as local officials have been forced to impose targeted lockdowns.

Here's where US indexes stood shortly after the 9:30 a.m. market open on Monday:

Around the markets, Tesla shares fell after the US auto safety regulator opened a new investigation into the electric vehicle maker's Autopilot system following crashes with parked emergency vehicles.

Longtime bull Ed Yardeni sees the S&P 500 jumping 12% to 5,000 by the end of 2022 or before.

Gold rose as much as 0.4% to $1,786.09 per ounce.

Oil prices slumped. West Texas Intermediate crude tumbled as much as 3.6%, to $66 per barrel. Brent crude, oil's international benchmark, lost 3.1%, to $68.37 per barrel, at intraday lows.

Bitcoin slid as much as 0.5% to $46,505.06.

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