US Stocks Edge Down on Lacklustre Data & Election Angst

New York, Sept 25 (AFP/APP): Wall Street stocks dipped early Friday following lackluster economic data amid worries over the coronavirus and upcoming US presidential election.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 26,761.74. The broad-based S&P 500 shed 0.2 percent to 3,241.33, while the tech-rich Nasdaq Composite Index lost less than 0.1 percent at 10,668.85.

US durable goods orders grew by 0.4 percent in August, below estimates and a much slower level of growth than July’s upwardly revised 11.7 percent growth. The tepid durable goods data adds to worries that consumer spending is weakening as progress on another coronavirus stimulus package remains stalled.

Analysts said the market is also becoming more worried about a protracted US presidential election after Donald Trump repeatedly declined this week to commit to a peaceful transition of power if he loses in November. “There is a palpable sense of angst in the market that there will be a delayed election result and/or a contested result”, said analyst Patrick O’Hare, adding that there remains “more than a month for the market to ruminate” on the worry.

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