US equities fell on Friday following lower oil prices, sparking fear of a global economic slowdown among investors along with weaker than expected producer inflation from China dampened sentiment. The Dow fell 0.77%, The S&P 500 fell 0.92% and the Nasdaq fell 1.65%, being the worst performer.
Oil prices continued their decline falling on Friday as investors fret about rising inventories and slowing demand. Brent crude fell 47 cents, or 0.7 percent, to settle at $70.18 a barrel and Light Sweet crude declined 48 cents, or 0.8 percent, to settle at $60.19 a barrel. Exxon Mobil shares fell 1.03% whilst Chevron shares rose 0.13%.
Of the Dow stocks, Goldman Sachs and Caterpillar were the weakest performers falling 3.9 percent and 3.4 percent, respectively. Walt Disney, who had an earnings beat rose 1.7 percent being the best performer. Investor didn’t seem to find any interest in tech stocks as the S&P 500 tech index was down 1.7 percent as a 1.9% decline in Apple shares weighed on the sector. Notably, Amazon shares fell 2.42% and Netflix shares fell 4.54%.
Tobacco stocks saw some news during the session as the U.S. Food and Drug Administration said that a ban would be issues on the sale of fruit and candy flavoured electronic cigarettes in convenience stores and gas stations. Following the news, Altria Group shares fell 2.98%. In the cannabis space, the moves continued to be volatile as Canopy Growth Corp fell 7.8% along with Tilray Inc. falling 8.18%.
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