Wall Street opens modestly lower as investors assess latest earnings figures
- Disappointing growth data from China weigh on the sentiment on Friday.
- Upbeat earnings figures from Coca Cola boosts Consumer Staples Index.
Major equity indexes in the United States started the day modestly lower as the latest data from China revived concerns over a global economic slowdown and weighed on the market sentiment. However, upbeat third-quarter earnings figures limited the losses of Wall Street's main indexes.
As of writing, the Dow Jones Industrial Average was down 0.15% on the day while the S&P 500 and the Nasdaq Composite were erasing 0.1% and 0.05%, respectively.
Earlier on Friday, the data from China showed that the world's second-largest economy expanded by 6% on a yearly basis in the third quarter, the lowest reading in more than 25 years.
On the other hand, Coca Cola and American Express both posted better-than-expected earnings figures to lift the mood. Among the 11 major S&P 500 sectors, the Consumer Staple Index is up 0.38% to lead the winners in the early trade. In the meantime, the sharp drop witnessed in Johnson & Johnson's shares after the company recalled baby powder products amid tests revealing chrysotile asbestos causes the Healthcare Index to stay under pressure in the early trade.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
