Weak data is slowing down NASDAQ’s record run

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Surprisingly weak economic data from the US on Wednesday hit Wall Street and finally the NASDAQ Composite. However, the US stock exchanges reduced their moderate early losses. The Dow Jones Industrial lost 0.12 percent to 21 003.70 points. The S&P 500 index also fell by 0.12 percent at the middle of the week, thus reaching 2410.01 points. The NASDAQ 100 lost 0.19 percent to 5783.93 counts. At the start of trading, the NASDAQ Composite index, mainly equipped with technology stocks, continued their record run. The Nasdaq 100 index had made the jump over the mark of 5800 points, on which it had still failed on Tuesday. The Nasdaq Composite had climbed to 6221 points.

The partial economic data published after the beginning of the trade showed that the business climate in the Chicago region had deteriorated more clearly than expected in May. The weakest figure since January was reported. The number of house sales, which have not yet been completed, was also negative. Instead of a slight increase in the month of April, a sharp drop was recorded.

Bank shares were among the biggest losers. In the Dow Jones, the shares of Goldman Sachs held the red lantern. They lost 3.07 percent, followed by JPMorgan at minus 2.28 percent. The shares of Bank of America, Citigroup and Morgan Stanley were also very weak in the S&P 100.

The results from Analog Devices, which rose by 3.48 per cent in the Nasdaq selection index, was the most popular. In its second quarter, the semiconductor manufacturer generated a surprisingly strong earnings per share.

Speculations about a possible increase in the Qualcomm offer for the Dutch chip maker NXP Semiconductors had little effect on the price. The Qualcomm shares fell by 0.50 percent. Major shareholders such as the activist financial investor Elliott Management urged the NXP management to renegotiate with the US competitor for a higher offer, the news agency Bloomberg reported, referring to persons familiar with the transaction. The US semiconductors group had offered a total of 47 billion US dollars for NXP in 2016.