Home / Business / Dow concludes Nasdaq market decline under China's trade negotiations

Dow concludes Nasdaq market decline under China's trade negotiations



Here are 3 things to know about stocks right now

  • The Dow Jones Industrial Average Index ended down, while the Nasdaq won after the US Trade Representative, Robert Lighthizer, told the House Ways and Means Committee that it was "very much" to do "before a trade agreement is reached with China.
  • Lowe's (LOW) released stronger-than-expected results in the fourth quarter, but said the Canadian housing market weakness would remain in the near term. The stock has increased by 2.5%.
  • Best Buy (BBY) earnings were stronger than expected and the electronics retailer is forecasting strong year-over-year earnings, as lower mobile phone sales were offset by gains in wireless technology. Clothing, appliances and games. Best Buy increased by 14.1%.

Wall Street: overview

Shares ended mixed on Wednesday, Feb. 27, after US Trade Representative Robert Lighthizer told the House Ways and Means Committee that "much work remains to be done" to reach a trade deal. with China.

The increase in purchases of US goods by China alone would not be enough to make a permanent trade deal, Lighthizer told the committee.

"This administration is calling for significant structural changes that would create more equitable conditions, particularly with respect to intellectual property rights issues and technology transfer," Lighthizer said Wednesday.

Donald Trump said earlier this week that he would delay the increase in tariffs on products made in China, which is expected to come into effect on March 1, as a result of "substantial progress" of two weeks trade talks between Washington and Beijing.

The Dow Jones Industrial Average fell 73 points, or 0.28%, to 25,985, the S & P 500 lost 0.05% and the Nasdaq rose 0.07%.

Investors had more to do on Wednesday when Federal Reserve Chairman Jerome Powell testified for a second day before Congress and Wall Street monitored the president's summit with North Korean leader Kim Jong Un Vietnam and border violence between India and Pakistan with nuclear weapons.

Powell's testimony before the Standing Senate Committee on Banking, Housing and Urban Affairs, which was followed on Wednesday by a similar panel appearance in the House, allowed investors to rest on concerns that Central bank was still aiming for late 2019 rate increase. He told lawmakers that he was "in no hurry to decide" on this issue, given the mixed data of the world's largest economy.

On Wednesday, Trump's economic policies were criticized during the hearing before the Powell case. The President's erratic policy has so harmed the US economy that it is largely responsible for stopping the Fed's efforts to bring monetary policy back to normal after the unprecedented steps taken at the following the 2008 financial crisis, said US representative Maxine Waters, California Democrat. Waters recently took over the House committee overseeing the Federal Reserve.

Lowe's (LOW) released stronger-than-expected results in the fourth quarter, but said the Canadian housing market weakness would remain in the near term.

Lowe's stated that the profits for the three months ended were 80 cents per share, one cent ahead of the consensus forecasts. Revenues were $ 15.6 billion and analysts' estimates were $ 15.75 billion. In the United States, same-store sales increased 1.7%, exceeding Refinitv's forecast by around 2%.

Lowe's also reiterated his outlook for 2019, which projected a 2% sales increase for the current year, adding that "US macroeconomic fundamentals remained healthy," while cautioning that its Canadian operations would be faced with "persistent weakness in the housing market".

The stock has increased by 2.5%.

Best Buy (BBY) reported stronger-than-expected fourth quarter results and expected solid earnings for the year, as weak mobile phone sales were offset by gains in the apparel sector , devices and games. The stock jumped 14.1%.

Palo Alto Networks (PANW) advanced 8.2% on Wednesday after the cybersecurity company reported second quarter adjusted earnings of $ 1.51 per share, exceeding analyst estimates of $ 1.22 Business of $ 711.2 million exceeding the forecast of $ 682.1 million.

"We remain focused on providing our customers with the best security in the market," said Nikesh Arora, CEO of Palo Alto Networks, in a statement.

Palo Alto Networks said it expects adjusted third quarter earnings to be between $ 1.23 and $ 1.25 per share, on revenues of $ 697 to $ 707 million. Analysts expect a profit of 1.25 USD per share for a turnover of 696.7 million USD.

"Overall, Palo Alto ticked the box in almost all key categories: strong financial and financial results, higher margins, robust billing growth and free cash flow, announcements about new platforms, etc., wrote Jim Cramer. Action Alerts PLUS the team, which owns Palo Alto in its portfolio. "Given the size and size of the company, the total growth this quarter (30% of sales, 27% of billing and 33% of revenue) was a feat. tribute to the company's platform and its position as a class supplier in a constantly changing and high-demand sector.

Weight Watchers International (WTW) dropped 34.5% after posting a much lower-than-expected forecast for analysts this year, but noted that Winfrey's oprah, celebrity sponsor, would be the first promotional campaign of the society.

The company posted earnings per share of 63 cents in the fourth quarter, up from 91 cents a year earlier, but above expectations of 60 cents. Revenues of $ 330.4 million were lower than estimates of $ 347 million.

Weight Watchers said it expects earnings per share of between $ 1.25 and $ 1.50 per share, well below estimates of about $ 3.38. Sales were estimated at $ 1.4 billion, compared with $ 1.7 billion.

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