Stock market today: Dow is under pressure, China’s gaming stocks seek, oil higher

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September is historically a bad month for stocks, and this is a particularly bad September. Since 1928, the average September return on the S&P 500 has been a loss of 0.99% and, in the middle of the month of this year, the index has already fallen by more than 1.7%.

Wall Street was poised for a mixed day on Wednesday after another miserable trading day on Tuesday. European and Asian stocks also mixed in a fear of a stock market correction.

Growing cases of Covid-19 around the world are affecting the sales of many companies. Weak August economic data doesn’t help stocks either.

Futures for the

Dow Jones industrial average

pointed 21 points lower after the index fell 292 points on Tuesday to close at 34,577. Futures for the

S&P 500

i

Nasdaq

both increased 0.1%.

Abroad, Hong Kong

Hang Seng Index

fell 1.8% as Asian investors focused on a sharp slowdown in Chinese retail sales. The consensual wait was for August retail sales to grow 7% year-over-year, but the reading reached 2.5%. Industrial production rose 5.3%, below expectations of 5.8%.

The few data “weighed risky assets overnight,” wrote Tom Essaye, founder of Sevens Report Research.

The pan-European

Stoxx 600

it fell 0.4%, with the focus falling on UK inflation, which rose to 3.2% in August in the biggest annual jump in history.

Analysts have noted that investor sentiment is broader as concerns continue to focus on whether a broader market correction is achieved.

“Yesterday, the S&P 500 closed -0.32% of its 50-0-day moving average, and the index only closed below that final average on one occasion since March 8 (18 June) “, noted Jim Reid, strategist at Deutsche Bank. “Overall, we haven’t seen a fix yet, as many expect, but we’ve seen a stop.”

On Monday, Reid and his team published a monthly survey of more than 550 global finance professionals, which showed that 58% expect an asset correction of between 5% and 10% before the end of the year. Another 10% saw a market correction of more than 10%.

In commodity markets, oil prices rose and continued to rebound. International benchmark Brent crude futures rose 1.3%, trading hands above $ 74.50 a barrel. U.S. oil futures rose similarly, with West Texas intermediate trading above $ 71.40.

The next day, U.S. economic data to digest markets includes August industrial production figures and New York’s Empire State manufacturing index in September.

Here are 15 stocks moving on Wednesday:

Game stocks on display in Macau, the world’s largest gaming center, have plummeted as Chinese regulators focused their attention on the sector.

Sands China

pigeon 33% i

Wynn Macau

fell 29% in Hong Kong, and his American parents also felt the pressure:

Las Vegas Sands

(ticker: LVS) i

Wynn Resorts

(WYNN) fell 5% in premarket trade in the US.

Softbank

fell 6% in Hong Kong due to continued concerns about regulatory review of the Chinese technology sector, including

Alibaba

(BABA): to which Softbank is heavily exposed.

Cybersecurity specialist

Dark trace

rose 10% in London after posting optimistic quarterly results, the first since it went public. The company raised forecasts for both revenue growth and profit margins next year.

The luxury goods sector continues to be under pressure for a second day amid concerns over the spread of Covid-19 in Asia, the industry’s most critical market.

LVMH

fell 3.3% in Paris,

Burberry

fell 2.4% in London,

Richemont

fell 2.7% in Zurich i

Sec

fell 3.9% in Paris.

Yum China Holdings

Shares (YUMC) fell 4.4% after the company said its third-quarter operating profit could fall from 50% to 60% year-on-year as Covid-19 outbreaks in China came to sales.

Regeneron Pharmaceuticals

Shares (REGN) rose 2.2% after the company said it was selling an additional 1.4 million doses of its monoclonal antibody treatment for Covid-19 to the U.S. government.

Sage Therapeutics

(SAGE) rose 3.3% after the Food and Drug Administration gave the company a quick designation for the treatment of Huntington’s disease.

Microsoft

(MSFT) gained 1.2% after news that the company is increasing its dividend.

Werner Enterprises

Shares (WERN) rose 1.7% after outperforming Market Performance in Cowen.

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