U.S. Stocks Fall Most in Four Weeks Amid Renewed Growth Worries

U.S. stocks declined the most in four weeks, as sliding crude prices and lackluster consumer spending data revived anxiety that global growth will falter.

Equities narrowly avoided their worst day since the selloff following Britain’s vote to leave the European Union, with automakers pummeled as sales disappointed while retailers had the steepest drop in five weeks. Pfizer Inc. fell 2.5 percent after leaving its full-year forecast unchanged, even as quarterly profit and sales exceeded predictions, and Apple Inc. lost 1.5 percent to weigh on the technology group.

The S&P 500 Index retreated 0.6 percent to 2,157.06 at 4 p.m. in New York, marking the first back-to-back declines since the Brexit vote. The Dow Jones Industrial Average fell for a seventh day, the longest losing streak in nearly a year.

Source : Bloomberg

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Asia Stocks Set for Fourth Weekly Drop on Global Growth Concern

Asian stocks headed for its worst streak of weekly losses since September as investors assess what a U.S. interest-rate increase as soon as next month will mean for global growth. Raw-material makers rebounded to lead gains on the regional benchmark index.

The MSCI Asia Pacific Index declined 0.1 percent to 125.17 as of 9:04 a.m. in Tokyo, extending this week’s slide to 0.4 percent. The gauge is on course for a fourth week of losses, the worst run since seven weeks of declines that ended in September. This week’s surge in expectations for higher U.S. rates has dealt another blow to sentiment that was already brittle amid weaker-than-estimated earnings in Japan and disappointing economic data in China.

Some Fed policy makers expressed concern that markets were ill-prepared for a rate increase next month, minutes of the central bank’s April meeting showed this week. The document also indicated policy makers’ willingness to raise interest rates in June if the economy continues to improve.

Australia’s S&P/ASX 200 Index was little changed and New Zealand’s S&P/NZX 50 Index slid 0.2 percent. South Korea’s Kospi index lost 0.1 percent.

Source: Bloomberg

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