US close: Markets mixed as traders weigh data with geopolitical, trade tensions
Wall Street finished on a mixed note on Thursday, as traders reacted to both upbeat data on US manufacturing, as well as simmering tensions on the trade front with China and on the geopolitical side of things with the Russian Federation.
Dow Jones I.A.
38,166.39
04:30 15/10/20
Nasdaq 100
17,745.99
06:10 26/04/24
The Dow Jones Industrial Average finished up 0.47% at 24,873.66, while the S&P 500 slipped 0.08% to 2,747.33 and the Nasdaq 100 lost 0.14% to 7,030.97.
Stocks had ended the previous session lower amid renewed worries about a trade war as President Trump looked to impose fresh tariffs on China.
According to reports, Trump was considering tariffs on up to $60bn of Chinese imports, with a focus on technology, telecoms and apparel.
That was followed on Thursday by the US Treasury Department's decision to impose sanctions on several Russian citizens and two of its security services for meddling in the 2016 president elections.
"Markets are digesting the implications of a US-led trade war and further sanctions against Russia,” said Jasper Lawler, head of research at LCG.
“The US has announced new sanctions as part of its ongoing effort to pressure the Russian government. Investors have been awaiting an official Russian response to a multilateral condemnation of Russia’s alleged role in the UK chemical attack.
“Geopolitical tension was always short-lived and a dip-buying opportunity last year. In this new higher volatility environment, it is not clear if that remains the case.”
On a more positive note, North Korea's top diplomat was in Sweden to prepare the ground for a possible summit between his country's leader and the US president.
In economic news, economists hailed strong readings for the Empire State and Philly Fed regional manufacturing indices, with a gauge of new orders linked to the latter jumping from a reading of 24.5 points for February to 35.7 in March.
"Weighting the subindexes to match the structure of the national ISM index shows that the Philly numbers are consistent, at least, with the 14-year high in the ISM, reached in February; it was not a fluke,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
“In short, the surveys signal that a robust manufacturing upswing continues unabated," commented.”
Following the release of those reports, the yield on the benchmark 10-year US Treasury note was moving higher by two basis points to 2.82%.
On the corporate front, stock in Solid Biosciences plunged 64.58% on the heels of a Food and Drug Administration decision to halt a clinical trial following an adverse reaction in one of the patients.
Dollar General's shares rallied 4.75% as its fourth-quarter same-store sales beat expectations and the discount retailer provided an upbeat outlook.
Alexion Pharmaceuticals was also among the gainers, adding 3.38% after saying its experimental drug to treat patients with a rare blood disorder met its main goal in a late-stage study.
Home security company ADT was also in the spotlight, with shares crashing 12.75% despite the release of its fourth-quarter results, which showed it swung to a profit as revenue rose.
Dow Jones - Risers
McDonald's Corp. (MCD) $161.63 2.13%
Unitedhealth Group Inc. (UNH) $229.49 1.82%
Caterpillar Inc. (CAT) $154.59 1.33%
International Business Machines Corp. (IBM) $159.61 0.94%
Goldman Sachs Group Inc. (GS) $266.61 0.82%
Merck & Co. Inc. (MRK) $55.25 0.82%
Travelers Company Inc. (TRV) $140.48 0.69%
3M Co. (MMM) $235.88 0.68%
Visa Inc. (V) $123.37 0.68%
Pfizer Inc. (PFE) $36.58 0.63%
Dow Jones - Fallers
Intel Corp. (INTC) $50.88 -1.89%
Dowdupont Inc. (DWDP) $67.88 -1.61%
Walmart Inc. (WMT) $87.52 -0.89%
Walt Disney Co. (DIS) $103.25 -0.64%
Procter & Gamble Co. (PG) $78.67 -0.42%
Verizon Communications Inc. (VZ) $48.29 -0.33%
Coca-Cola Co. (KO) $43.67 -0.25%
United Technologies Corp. (UTX) $129.26 -0.25%
American Express Co. (AXP) $94.38 -0.15%
Exxon Mobil Corp. (XOM) $74.42 -0.15%
S&P 500 - Risers
Dollar General Corp (DG) $93.42 4.75%
Alexion Pharmaceuticals Inc. (ALXN) $126.83 3.38%
Altaba Inc. (AABA) $79.42 2.88%
Broadcom Limited (AVGO) $267.76 2.75%
SCANA Corp. (SCG) $40.37 2.41%
Ingersoll Rand Ltd. (IR) $90.22 2.15%
McDonald's Corp. (MCD) $161.63 2.13%
Pentair plc (PNR) $72.13 2.11%
Akamai Technologies Inc. (AKAM) $74.71 1.99%
NRG Energy Inc. (NRG) $30.77 1.89%
S&P 500 - Fallers
EQT Corp. (EQT) $49.72 -5.19%
Monsanto Co. (MON) $117.21 -4.82%
Williams Companies Inc. (WMB) $26.68 -4.78%
J. M. Smucker Co. (SJM) $124.85 -4.59%
United States Steel Corp. (X) $38.43 -4.50%
Frontier Communications Co. (FTR) $7.59 -4.05%
Synchrony Financial (SYF) $34.65 -4.00%
Qorvo, Inc. (QRVO) $79.00 -3.92%
AbbVie Inc (ABBV) $114.88 -3.37%
CF Industries Holdings Inc. (CF) $38.99 -3.27%
Nasdaq 100 - Risers
NetEase Inc. Ads (NTES) $325.58 3.63%
Alexion Pharmaceuticals Inc. (ALXN) $126.83 3.38%
Broadcom Limited (AVGO) $267.76 2.75%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $206.14 2.05%
JD.com, Inc. (JD) $44.94 1.93%
Dollar Tree Inc (DLTR) $94.16 1.45%
Cognizant Technology Solutions Corp. (CTSH) $84.83 1.43%
Asml Holdings N.V. (ASML) $214.44 1.38%
Baidu Inc. (BIDU) $262.71 1.30%
Starbucks Corp. (SBUX) $59.37 0.92%
Nasdaq 100 - Fallers
Mercadolibre Inc. (MELI) $387.11 -4.41%
Incyte Corp. (INCY) $88.69 -3.87%
Biomarin Pharmaceutical Inc. (BMRN) $83.57 -2.77%
Gilead Sciences Inc. (GILD) $79.51 -1.96%
Ctrip.Com International Ltd. Ads (CTRP) $47.78 -1.95%
Regeneron Pharmaceuticals Inc. (REGN) $334.93 -1.90%
Intel Corp. (INTC) $50.88 -1.89%
Celgene Corp. (CELG) $89.91 -1.86%
Workday, Inc. (WDAY) $136.42 -1.71%
Walgreens Boots Alliance, Inc. (WBA) $67.38 -1.71%