US stocks end lower on weak trade data
Wall Street stocks finished lower on Tuesday after weak China trade data and a Moody's downgrade of several banks pummelled shares before equities staged a partial rebound. Major indices fell sharply after China's latest trade data showed the biggest fall in exports for more than three years. Markets were also buffeted by Moody's downgrade of 10 regional banks and a disappointing UPS forecast. The Dow Jones finished at 35,314, down 0.5 percent, but more than 300 points above session lows. The S&P 500 dipped 0.4 percent to 4,499, while the Nasdaq declined 0.8 percent to 13,884. Briefing.com analyst Patrick O'Hare said the partial recovery in equities showed the market's resilience. "There's still a lot of people out there who missed the full extent of this rebound and are anxious to get back in on weakness," he said. Banking shares were broadly lower after Moody's downgraded 10 banks, including BOK Financial, which fell 1.9 percent and Prosperity Bancshares, which was down 2.3 percent. Larger banks such as Bank of America and Citigroup were also under pressure, losing around 1.5 percent or more. UPS shares dropped 0.9 percent as it lowered its full-year forecast. It cited added costs associated with a new labour agreement and a hit from lost business from customers who diverted deliveries due to worries about a strike prior to the deal. Beyond Meat sank 14.3 percent as it reported a big drop in quarterly revenues as the plant-based meat company pointed to weak demand in the United States. But Eli Lilly surged nearly 15 percent as it lifted its full-year forecast following a strong second quarter boosted by robust sales of its diabetes treatment Mounjaro and other drugs. (AFP)