Market Update: Equity Declines, US Gov vs TikTok, TGT, LEN | Dec 16

By Kirsteen Mackay

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In today's market update, we look at US equity declines, homebuilder Lennar and the US government crackdown on TikTok and Chinese AI chip maker YMTC.

Market Update: Equity Declines, US Gov vs TikTok, TGT, LEN | Dec 16

On Thursday, US equities ended lower and are on track for weekly declines. Overall, sentiment seems fragile following Thursday's selloff and recent central bank developments. 

Retail stocks, including Macy's (NYSE: M) and Target (NYSE: TGT), took a hit yesterday as markets tanked following a miss in retail sales. Investors are feeling uncertain about the state of the economy and consumer spending. Some analysts attribute the poor sales to the ongoing pandemic and its impact on the retail industry. This comes on the heels of a report showing an increase in weekly jobless claims, which may also be contributing to the negative market reaction.

Meanwhile, Lennar (NYSE: LEN), a homebuilder, saw a 3.8% increase in stock after its quarterly revenue exceeded expectations. There's been a lot of talk about TikTok in Congress lately, with lawmakers looking into the national security risks posed by the app. In related news, the Biden administration has announced a crackdown on Chinese AI chip maker YMTC as part of its latest blacklisting efforts.

Dig a little deeper into the market update:

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Topics:
Quarterly Earnings
Industries:
Consumer Discretionary
Real Estate
Companies:
Macy's
Target
Lennar

Author: Kirsteen Mackay

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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