Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets closed mostly lower; Dow ekes minor gain

04-May2018

US markets closed mostly lower; Dow ekes minor gain

The US markets closed mostly lower on Thursday, while the Dow erased a triple-digit intraday drop to end higher, in choppy action as investors awaited a key reading of monthly employment on Friday. Unsteady trade was underpinned by quarterly results that failed to impress the street, uncertainty over the Federal Reserve's policy plan - despite its Wednesday update - and worries over a full-blown US-China trade war. The Atlanta Federal Reserve's GDPNow forecast model showed that the US economy is expanding at a 4.0 percent annualized rate in the second quarter in the wake of the latest data on domestic vehicle sales, trade balance and factory orders. The latest estimate on gross domestic product growth was a tad lower than the 4.0 percent pace calculated on Tuesday.

On the economy front, the trade deficit sank 15% in March to the lowest level in six months, but the decline is likely just temporary. The US is on track to run another large trade gap in 2018 that exceeds the deficit in the prior year. The deficit slid to $49 billion in March from $57.7 billion in February. Exports advanced 2% to $208.5 billion and set a new record. The US shipped more petroleum, passenger planes and even soybeans and corn ahead of pending tariffs by China in retaliation for US trade sanctions. Exports of autos fell, however. US imports dropped 1.8% to $257.5 billion. The US imported far few consumer goods such as TVs, computers, toys and appliances. Imports of wine and beer also fell.

Separately, one week after falling to the lowest level since 1969, initial US jobless claims rebounded but only slightly. Claims rose by 2,000 to 211,000 in the seven days ended April 28 - well below the average of 225,000 forecast. The more stable monthly average of claims decreased by 7,750 and stood at 221,500. That is the lowest level since March 1973. The number of people already collecting unemployment benefits, known as continuing claims, fell by 77,000 to 1.76 million.

Meanwhile, the Institute for Supply Management's nonmanufacturing index fell more than expected in April, dropping to 56.8, while factory orders rose 1.6% in the month. However, the Markit services purchasing managers index for April came in at 54.6, compared with 54 in March.

The Nasdaq dropped 12.746 points or 0.18 percent to 7,088.15, the S&P 500 was down by 5.94 points or 0.23 percent to 2,629.73, while the Dow Jones Industrial Average added 5.17 points or 0.02 percent to 23,930.15. 



Related News

View all news

US markets end higher on trade optimism

The US markets ended higher on Wednesday as traders keep up hope that the US and China will make progress on resolving their trade dispute. The strength on markets came in after President Donald Trump......

US markets end mostly lower on Tuesday

The US markets ended mostly lower on Tuesday after a contentious fight between President Donald Trump and Democratic leadership over border security. Trump threatened to shut down the government if more......

US markets end marginally higher on Monday

The US markets ended marginally higher on Monday as traders went bargain hunting after the early weakness extended the sell-off seen last week. Further, some support also came in as renewed confidence......

Top News

View all news

Patels Airtemp receives settlement notice from SEBI

Patels Airtemp (India) has received from SEBI, Summary Settlement Notice vide its Letter dated December 12, 2018 for settlement amount of Rs 3,68,156 against violation of Regulation 7(2)(b) of SEBI (Prohibition......

IndiGo in initial discussion with Qatar, Turkish Airlines for global expansion: Report

In order to increase its global footprint, InterGlobe Aviation (IndiGo) is reportedly in preliminary discussion with Qatar Airways and Turkish Airlines. The Budget carrier is looking for interline and......

Talwalkars Lifestyles integrates with Growfitter

Talwalkars Lifestyles has integrated with Growfitter to introduce the country's first ever AI (Artificial Intelligence) based Incentivized Wellness Program. The Growfitter FITKIT Program is a technologically......