Stocks are down today and investors that are wondering why are about to get an answer!
There are a few reasons that stocks aren’t doing so hot on Friday worth keeping in mind. That includes China Evergrande Group (OTCMKTS:EGRNF) filing for U.S. bankruptcy protection. This comes as the firm seeks a massive $32 billion debt restructuring.
Weighing on China Evergrande Group is an ongoing real estate crisis in China. Demand for new homes is decreasing, leaving many developers sitting on ghost towns that people don’t want to move into. This comes as the Chinese economy weakens and more residents opt for apartment living instead.
Another blow keeping stocks down today comes from the Federal Reserve. The recent minutes from its meeting have investors worried that interest will remain higher longer than expected. That’s due to the organization not ruling out further interest rate hikes during the meeting.
Finally, investors will note that retailers are reporting mixed results this week. This has some seeing increases in business as the school season starts. However, others are dealing with dwindling sales, which is causing the market to be volatile.
Let’s check on how this is affecting the major indices below!
Stocks Down on Friday
- The Dow Jones is down 0.1% as of Friday morning.
- The S&P 500 is slipping 0.4% as of this writing.
- The Nasdaq Composite is dropping 0.8% this morning.
Investors seeking out even more of the most recent stock market news are going to want to stick around!
We have all of the latest stock market coverage that traders need for Friday! Among that is what has shares of Taiwan Semiconductor (NYSE:TSM), XPeng (NYSE:XPEV) and Applied Materials (NASDAQ:AMAT) stock moving today. All of that news is ready to go at the links below!
More Friday Stock Market News
- Taiwan and China’s Semiconductor Showdown: TSM Stock Is Still No. 1
- Why Is XPeng (XPEV) Stock Down 6% Today?
- AMAT Stock Alert: Analysts Raise Applied Materials Price Targets After Earnings
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
