Economy

Wall Street Gives Profit Off With Sharp Fall | Financial

The Dow-Jones index ended 1.6% lower at 24.206 points. The broad S&P 500 fell 1.1% to 2922 points and technology exchange Nasdaq declined 0.5% to 9385 points.

Biotech company Moderna, which was still on the rise on Monday, plunged 10.4% after the news that there were not enough data to confirm the successful results for a potential drug against the coronavirus.

Home Depot slipped 2.9% after disappointing numbers from the largest DIY chain in the United States. The company faced higher personnel costs related to leave and bonuses and is withdrawing its expectations for this year. Turnover did increase. The smaller industry colleague Lowe’s seems to be pulled down.

Walmart headed 2.2% lower after a significantly higher start. The supermarket company took advantage of the hammering of Americans in the corona crisis and saw online sales rise sharply. Profitability was under pressure from higher costs, such as cleaning and staff safety.

Kohl’s dipped 7.7%. The department store chain has suffered a loss in the recent period because many stores were closed against the virus outbreak, with sharply reduced turnover. Kohl’s is reopening stores.

On a macroeconomic level, it was reported that home construction in the US fell again very sharply in April due to the virus outbreak and measures to combat the disease. As a result, many construction projects came to a halt. The number of homes under construction plummeted by more than 30 percent compared to March when a sharp decline was also seen.

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