Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Wall St. ends down slightly on trade, oil price concerns

share with twitter share with LinkedIn share with facebook
share via e-mail
05/17/2018 | 10:57pm CEST
Traders and guests gather for the IPO of PermRock Royalty Trust on the floor of the NYSE in New York

NEW YORK (Reuters) - Wall Street ended a choppy trading session lower on Thursday, as investors grappled with escalating trade tensions and rising oil prices.

Comments by U.S. President Donald Trump that China "has become very spoiled on trade," cast doubt on his efforts to avoid a tariff war between the world's two largest economies, increasing investor jitters at the outset of a second round of high-level negotiations.

"I think this trade mess is certainly affecting the mood," said Jim Bell, president chief investment officer Bell Investment Advisors in Oakland, California.

"This is becoming very real, American businesses are suffering," Bell said. "The trouble with tariffs, is they're always bad, they always increase the costs of almost everything for consumers and they destroy more jobs than they create."

Unrest in the Middle East suggested a reduction of oil supply and sent crude prices to their highest level in three-and-a-half years. The S&P Energy index <.SPNY> was up 1.3 percent, the largest gains of the major S&P 500 sectors.

U.S. small-cap stocks fared better than their larger rivals. The Russell 2000 index <.RUT> closed at a record high for a second day in a row, while larger firms with more international exposure were pressured by rising oil prices and a strengthening dollar.

"Small companies are not as exposed to international trade dynamics," said Bell.

Economic reports showed U.S. unemployment rolls dropping to their lowest level since 1973 and mid-Atlantic manufacturers asking higher prices for their products. The tightening labor market conditions and firming inflation bolster the likelihood of a Federal Reserve rate hike next month.

U.S. 10-year Treasury yields closed at 3.1131 percent, maintaining their near seven-year high and pressuring rate-sensitive sectors as investors ponder whether bonds offer an attractive alternative to riskier equities.

The Dow Jones Industrial Average fell 54.95 points, or 0.22 percent, to 24,713.98, the S&P 500 lost 2.33 points, or 0.09 percent, to 2,720.13 and the Nasdaq Composite dropped 15.82 points, or 0.21 percent, to 7,382.47.

So-called defensive stocks were among the worst performer among the 11 major sectors of the S&P 500. Rate-sensitive telecom <.SPLRCL>, real estate <.SPLRCR> and utility <.SPLRCU> shares were down in the face of increasing U.S. government bond yields.

Cisco Systems was the biggest drag on the S&P 500 and the Nasdaq, falling 3.8 percent despite beating profit and revenue estimates in its post-market earnings report. In a research note, Citigroup said investor perception is that the technology company is losing market share.

The S&P 500 technology sector <.SPLRCT> was down 0.5 percent.

Walmart shares were down 1.9 percent. Walmart said profit margins remained under pressure due to price cuts and higher freight costs, weighing on its shares even as sales and earnings came in stronger than expected..

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored advancers.

The S&P 500 posted 26 new 52-week highs and four new lows; the Nasdaq Composite recorded 149 new highs and 30 new lows.

Volume so far on U.S. exchanges was 6.37 billion shares, compared to the 6.65 billion average for the full session over the last 20 trading days.

(Reporting by Stephen Culp; Editing by Susan Thomas)

By Stephen Culp

Stocks mentioned in the article
ChangeLast1st jan.
CISCO SYSTEMS 0.26% 45.94 Delayed Quote.19.35%
DJ INDUSTRIAL -0.36% 25706.68 Delayed Quote.2.15%
NASDAQ 100 0.03% 7278.6311 Delayed Quote.11.89%
NASDAQ COMP. -0.04% 7642.7028 Delayed Quote.8.60%
S&P 500 -0.03% 2809.21 Real-time Quote.3.50%
WAL-MART STORES 0.78% 96.56 Delayed Quote.-3.99%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
04:58aJapan exports fall for first time since 2016 as trade war fears mount
04:52aFOOD SAFETY AND INSPECTION SERVICE : Taylor Farms Northwest LLC Recalls Pork Carnitas Bowl Products due to Possible Salmonella and Listeria Monocytogenes Contamination In Tomatillos
04:48aMEKONG TOURISM COORDINATING OFFICE : 3 Thai cities ranked among top 20 global destinations
04:23aMINISTRY OF FINANCE OF STATE OF JAPAN : 25th APEC Finance Ministers’ Meeting (Port Moresby, Papua New Guinea, 17 October 2018)
03:48aWORLD STEEL ASSOCIATION : elects new officers and welcomes new members
03:35aDollar at one week high after hawkish Fed minutes; Asia stocks capped
03:16aNEWS HIGHLIGHTS : Top Company News of the Day
03:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
02:58aAustralia's Unemployment Rate Falls Sharply
02:56aU.S. oil edges up after 3 percent drop on big stock build
Latest news "Economy & Forex"