Tech stocks pull Wall St. lower in shortened week; 2Q US economic growth reaffirmed
Wall Street wavers as Big Tech stocks fall
NEW YORK — Stocks wavered on Wall Street on Nov. 27 as losses for “Big Tech” companies offset gains elsewhere in the market.
The S&P 500 fell 0.38 percent Wednesday to end a seven-day winning streak,even though more stocks rose than fell within the broad-based index. Losses for Nvidia and Microsoft helped pull it lower.
The Dow Jones Industrial Average slipped 0.31 percent from its record high a day earlier. The tech-heavy Nasdaq composite fell 0.6 percent after being down more than 1 percent earlier.
Dell sank after reporting revenue that fell shy of forecasts, and HP slid after giving a weaker-than-expected outlook.
U.S. markets will be closed Thursday for Thanksgiving. They reopen Friday for a half-day session.
Economy growth steady after 2nd revision
WASHINGTON — The American economy expanded at a healthy 2.8 percent annual pace from July through September on strong consumer spending and a surge in exports, the government said Nov. 27, leaving unchanged its initial estimate of third-quarter growth.
The Commerce Department reported that growth in U.S. gross domestic product — the economy’s output of goods and services — slowed from the April-July rate of 3 percent. But the report still showed that the American economy — the world’s largest — is proving surprisingly durable. Growth has topped 2 percent for eight of the last nine quarters.
Fewer Americans file for jobless benefits
NEW YORK — The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows.
Jobless claim applications fell by 2,000 to 213,000 for the week of Nov. 23, the Labor Department reported Nov. 27. The previous week’s level was revised up by 2,000 from 213,000, to 215,000.
But continuing claims, the total number of Americans collecting jobless benefits, rose by 9,000 to 1.91 million for the week of Nov. 16. That’s the highest number since Nov. 13, 2021.
While the number of new people applying for jobless aid each week remains at historically healthy levels, some who are receiving benefits are finding it harder to land new jobs. That suggests that demand for workers is waning, even as the economy remains strong.
The four-week average of weekly claims, which quiets some of the weekly volatility, was 1.9 million, an increase of 13,500 from the previous week’s revised average.
Hyundai recalls 226K autos to fix cameras
DETROIT — Hyundai is recalling more than 226,000 SUVs and small cars in the U.S. because the rearview camera image may not show up on the screens.
The recall covers certain Santa Fe and Elantra vehicles from the 2021-22 model years.
Hyundai says in documents posted Nov. 27 by U.S. safety regulators that solder joints on a printed circuit board can develop cracks that can worsen over time and cause the cameras to fail. That can reduce visibility and increase the risk of injury to pedestrians.
Dealers will replace the cameras at no cost to owners, who will be notified by letters starting Jan. 19.
London set to lose 1,000 years of tradition
LONDON — Two of London’s most famous markets — one selling fish, the other meat — are set to close in the coming years, bringing an end to traditions stretching back to medieval times.
The City of London Corporation, the governing body in the capital city’s historic hub, was to present a bill to Parliament on Nov. 27 to bring an end to its responsibilities to operate the Billingsgate fish market and the Smithfield meat market, both of which have existed in some shape or form since the 11th century.
The corporation decided earlier this week not to relocate the markets to a new development just east of London in Dagenham.
VW, Chinese partner to sell car plant
BANGKOK — Volkswagen and Shanghai’s SAIC Motor have agreed to sell a factory in China’s far western Xinjiang region that drew criticism due to accusations by western governments of human rights violations.
The companies also said Nov. 27 that they were extending their 40-year-old automaking joint venture until 2040, ahead of schedule, and that the JV will step up its shift to electric vehicles.
Volkswagen AG was one of the first foreign investors in China’s auto industry. The 1980s model Santana sedans its JV in Shanghai made formed the basis of taxi fleets in Shanghai and other cities for many years.
SAIC, based in Shanghai, says it is the largest automaker in China, turning out 5 million vehicles in 2023. It also has partnerships with General Motors and other automakers.