A report showed Americans cut back their spending last month far more than expected as a surge in COVID-19 cases kept people away from stores.
Associated Press
August 17, 2021 / 07:42 PM IST
Source: Reuters
Stocks are dropping on Wall Street early Tuesday amid turmoil in Afghanistan and unease about a weaker economic outlook in China.
The S&P 500 lost 0.6% and the Dow Jones Industrial Average fell 0.7%.
A report showed Americans cut back their spending last month far more than expected as a surge in COVID-19 cases kept people away from stores.
Home Depot shares plunged on weak quarterly earnings.
Investors watched rapid developments in Afghanistan after the Taliban took control of the country with unexpected speed and thousands of people tried to flee. Markets in London, Frankfurt, Shanghai and Tokyo also retreated.
