U.S. stocks dipped in a broad sell-off on Monday as rising geopolitical tensions...
NEW YORK - U.S. stocks dipped in a broad sell-off on Monday as rising geopolitical tensions spooked investors away from equities and the extended U.S.-China trade war stoked fears of impending global recession.
“It’s the end of summer so a lot of market players aren’t on the job,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It happens seemingly every August where we have events that move the market out of proportion to the events.” “Consumer confidence has held up well so we’ll see where the rubber meets the road with retail sales,” said Hellwig.
Second-quarter reporting season is approaching the finish line, with 452 of the companies in the S&P 500 having reported. Of those, 73.5% have beaten consensus estimates. Shares of Amgen Inc were up 4.5% following a court ruling that upheld two patents relating to its drug Enbrel.
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