The Dow Jones fell on Tuesday as data released showed that U.S. Retail Sales had declined more than expected in February.
Figures released today by the Commerce Department, highlighted that Retail Sales dropped by 3% last month, versus the expected 0.5% decline.
This fall was cushioned by revised data which showed that Sales rose by 7.6% instead of 5.3% as previously reported in January.
As a result of the news, the Dow Jones fell from earlier highs and was trading down 0.28% as of writing.
The S&P 500 and NASDAQ were both flat despite moves to the upside by Apple, Alphabet, and Microsoft.
AstraZeneca stock climbs despite European Suspension
AstraZeneca’s share price bounced back on Tuesday, a day after it was revealed that several EU countries had suspended its COVID-19 vaccine.
Germany, Italy, and France were among the countries which stopped circulating the jab over blood clotting issues, however, the strong push back from AZN seems to have worked.
The share price of the London listed drug maker climbed by 3.17% in today’s session as the European Medicines Agency also played down concerns.
In a statement, the EMA stated, “The benefits of the AstraZeneca vaccine in preventing Covid-19, with its associated risk of hospitalization and death, outweigh the risks of side effects”.
Volkswagen “gaining momentum” on Tesla.
Volkswagen’s CEO today stated that the German carmaker was not looking to partner with Tesla, but instead, compete with it.
This turnaround comes after almost a decade of innovation from the company founded by Elon Musk, and its attempts to innovate the motor industry.
Tesla last year became the world’s most valuable carmaker, as its stock rose by over 400%, eventually leading to its listing on the S&P 500.
VW’s CEO Herbert Diess stated that “there are no talks between Elon Musk and myself regarding joining forces, but we are not so far behind and we are gaining momentum”.
Quote of the day – “Never invest in any idea you can’t illustrate with a crayon.”– Peter Lynch
Senior Market Analyst