NEW YORK, NY / ACCESSWIRE / January 15, 2019 / Wall Street extended losses on Monday as concerns of a global economic slowdown were reignited on weaker-than-expected economic data from China. In December, Chinese imports and exports on a year-over-year basis declined by 7.6 percent and 4.4 percent, respectively, while Chinese goods surplus with the U.S. reached $323.32 billion last year. The Dow Jones Industrial Average dropped 0.36 percent to close at 23,909.84, while the S&P 500 shed 0.53 percent to settle at 2,582.61. The Nasdaq fell 0.94 percent to close at 6,905.92.
According to Michelle Lam, Greater China economist at Société Générale, “Today’s data show that the U.S. tariffs [are] starting to hurt. The reversal of the frontloaded orders may cause more serious slump over the next couple of months.”
The Market Edge Initiates Coverage on:
Spotify Technology S.A.
Spotify Technology's stock jumped 5.14% Monday, to close the day at $126.71. The stock recorded a trading volume of 2,474,581 shares, which was above its three months average volume of 1,760,511 shares. In the last year, Spotify Technology's shares have traded in a range of 103.29 - 198.99. The share price has gained 22.67% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $124.39 is below its 200-day moving average of $159.00. Shares of Spotify Technology have gained roughly 0.82 percent in the past month and are up 11.64 percent year-to-date.
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On Monday, shares of Groupon recorded a trading volume of 9,301,867 shares, which was above the three months average volume of 7,341,429 shares. The stock ended the day 4.18% higher at $3.74. The share price has fallen 33.81% from its 52 week high with a 52 week trading range of 2.80 - 5.65. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $3.18 is below its 200-day moving average of $3.79. Shares of Groupon have gained roughly 19.11 percent in the past month and are up 16.87 percent year-to-date.
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SOURCE: The Market Edge