US close: Markets in red ahead of Canada NAFTA deadline
Wall Street trading finished in the red on Thursday, as investors continued to keep an eye on the latest trade talks between the US and Mexico and Canada.
Dow Jones I.A.
38,085.80
04:30 15/10/20
Nasdaq 100
17,430.50
12:15 25/04/24
The Dow Jones Industrial Average ended the session down 0.53% at 25,986.92, the S&P 500 lost 0.44% to 2,901.13, and the Nasdaq 100 finished 0.23% weaker at 7,642.67.
“Events weighing on investors include the continuing trade dispute between the US and China, which has flared its head once again, and the as-yet unsigned NAFTA deal is also leaving investors nervous,” said Kathleen Brooks, research director at Capital Index.
Trump said on Wednesday that he was optimistic Canada will join the new US trade deal with Mexico that is intended to replace the North American Free Trade Agreement.
"I think Canada very much wants to make the deal," he told reporters at the White House, adding that it probably "won't be good at all" if they don't.
Canada's foreign minister Chrystia Freeland said it was a "very intense moment" in the negotiating process and that they were trying "to get a lot of things done very quickly".
Canadian Prime Minister Justin Trudeau, meanwhile, said a NAFTA deal might be possible by Friday's deadline.
"We recognise that there is a possibility of getting there by Friday, but it is only a possibility, because it will hinge on whether or not there is ultimately a good deal for Canada," he said, adding that no deal was better than a bad deal.
On the data front, the number of Americans filing for unemployment benefits last week rose a little less than expected, according to data from the Labor Department.
US initial jobless claims increased by 3,000 to 213,000, missing expectations for a slightly larger jump to 214,000.
Meanwhile, the four-week moving average came in at 212,250, down 1,500 from the previous week and marking the lowest level since 13 December 1969.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.
Elsewhere, personal incomes and spending in the States rose roughly as expected last month, albeit alongside slightly stronger price pressures.
According to the Department of Commerce, personal incomes and spending in the US increased at a month-on-month clip of 0.3% and 0.4% in July, with the rate of increase in the former falling about a tenth of a percentage point below economists' forecasts.
In corporate news, shares of Signet Jewelers surged 23.84% following its second-quarter earnings beat expectations and the company bumped up its guidance.
Ciena Corp also shot up at the open, rising 12.45% as the networking company's third-quarter earnings and revenue topped analysts' expectations.
Burlington Stores dipped 0.87% lower in early trade as the off-price department store retailer's second-quarter earnings impressed but same-store sales fell a little short.
Dollar General lost 0.97% even as its quarterly same-store sales surpassed expectations, while Campbell Soup fell 2.05% after saying it would sell its international businesses and fresh food unit.
Dow Jones - Risers
Visa Inc. (V) $146.76 1.06%
Apple Inc. (AAPL) $225.03 0.92%
3M Co. (MMM) $210.22 0.38%
Exxon Mobil Corp. (XOM) $80.50 0.27%
Verizon Communications Inc. (VZ) $54.74 0.18%
Johnson & Johnson (JNJ) $134.99 0.07%
Pfizer Inc. (PFE) $41.52 0.05%
Walmart Inc. (WMT) $96.11 0.03%
Unitedhealth Group Inc. (UNH) $268.41 -0.04%
Microsoft Corp. (MSFT) $111.95 -0.06%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $139.06 -1.97%
Dowdupont Inc. (DWDP) $70.21 -1.72%
Nike Inc. (NKE) $81.40 -1.43%
United Technologies Corp. (UTX) $132.59 -1.42%
Walgreens Boots Alliance, Inc. (WBA) $67.80 -1.25%
Home Depot Inc. (HD) $199.28 -1.19%
International Business Machines Corp. (IBM) $145.93 -1.09%
Intel Corp. (INTC) $48.24 -1.05%
Boeing Co. (BA) $346.90 -0.94%
Coca-Cola Co. (KO) $44.95 -0.84%
S&P 500 - Risers
Signet Jewelers Ltd (SIG) $67.68 22.92%
Marathon Oil Corp. (MRO) $21.65 4.59%
H&R Block Inc. (HRB) $27.33 3.88%
Murphy Oil Corp. (MUR) $31.52 3.38%
Transocean Ltd. (RIG) $12.18 3.31%
PerkinElmer Inc. (PKI) $92.60 2.79%
Royal Caribbean Cr (RCL) $122.92 2.31%
Unum Group (UNM) $36.76 2.14%
Range Resources Corp. (RRC) $16.47 2.01%
Micron Technology Inc. (MU) $52.76 1.79%
S&P 500 - Fallers
Dollar Tree Inc (DLTR) $79.78 -15.54%
Electronic Arts Inc. (EA) $115.94 -9.79%
PVH Corp. (PVH) $141.67 -9.57%
DaVita Inc (DVA) $66.51 -8.95%
Spectra Energy Corp. (SE) $13.88 -8.08%
Frontier Communications Co. (FTR) $5.35 -6.14%
Pitney Bowes Inc. (PBI) $7.37 -5.51%
Seagate Technology Plc (STX) $53.14 -5.07%
Henry Schein Inc. (HSIC) $77.00 -5.06%
Patterson Companies Inc. (PDCO) $22.54 -5.01%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $52.76 1.79%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $244.41 1.11%
Facebook Inc. (FB) $177.64 0.99%
Apple Inc. (AAPL) $225.03 0.92%
Gilead Sciences Inc. (GILD) $76.29 0.89%
Netflix Inc. (NFLX) $370.98 0.80%
Biogen Inc (BIIB) $352.74 0.79%
Broadcom Inc. (AVGO) $216.65 0.77%
Illumina Inc. (ILMN) $353.01 0.68%
Vertex Pharmaceuticals Inc. (VRTX) $186.03 0.63%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $79.78 -15.54%
Mercadolibre Inc. (MELI) $340.15 -9.88%
Electronic Arts Inc. (EA) $115.94 -9.79%
NetEase Inc. Ads (NTES) $194.39 -7.19%
Seagate Technology Plc (STX) $53.14 -5.07%
Henry Schein Inc. (HSIC) $77.00 -5.06%
Vodafone Group Plc ADS (VOD) $21.88 -4.79%
JD.com, Inc. (JD) $31.00 -2.97%
Maxim Integrated Products Inc. (MXIM) $60.60 -2.74%
Texas Instruments Inc (TXN) $112.58 -2.50%