Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end marginally lower on profit booking

07-Feb2019

US markets end marginally lower on profit booking

After gaining in last few session, the US markets ended marginally lower on Wednesday on account of profit booking.  Further, some cautiousness also prevailed in the markets after President Donald Trump's State of the Union address offered few details on his economic agenda. However, the president insisted China commit to real, structural economic reforms before a trade deal can be reached.  In his speech to the nation, Trump said he had great respect for Chinese President Xi Jinping, adding that the two leaders are working on a new trade deal, while insisting that any agreement include real, structural change to end unfair trade practices, reduce our chronic trade deficit and protect American jobs. Meanwhile, Treasury Secretary Steven Mnuchin said that he and US trade representative Robert Lighthizer would travel to Beijing next week to continue negotiations over the continuing trade dispute, as the administration-imposed March 1 deadline for a deal approaches, after which the president has threatened to expand tariffs on Chinese imports.

On the economic front, a government shutdown-delayed report released by the Commerce Department showed the US trade deficit narrowed by much more than anticipated in the month of November. The Commerce Department said the trade deficit narrowed to $49.3 billion in November from a revised $55.7 billion in October. Street had expected the deficit to narrow to $54.0 billion from the $55.5 billion originally reported for the previous month. The much narrower than expected deficit largely reflected a steep drop in the value of imports, which plunged by 2.9 percent to $259.2 billion in November after rising by 0.4 percent to $266.9 billion in October. Imports of consumer goods, including cell phones and other household goods, showed a significant decrease along with imports of industrial supplies and materials. The report said the value of exports also fell by 0.6 percent to $209.9 billion in November after edging down by 0.1 percent to $211.2 billion in October. Notable decreases in exports of industrial supplies and materials, gem diamonds, and drugs were partly offset by a jump in exports of civilian aircraft.

Dow Jones Industrial Average declined 21.22 points or 0.08 percent to 25390.30, S&P 500 dropped 6.09 points or 0.22 percent to 2731.61 and Nasdaq was down by 26.80 points or 0.36 percent to 7375.28.


Related News

View all news

US markets end higher after Trump says China trade talks to continue

The US markets ended higher on Friday after key negotiators cast a positive glow on trade talks. US Secretary of Treasury Steven Mnuchin indicated that bilateral talks were constructive even though an......

US markets lower after US President claims China broke the deal

The US markets ended lower on Thursday as trade tensions ramped up after US President Donald Trump threatened tariff retaliation on China, which he claims broke the deal. Anxiety over the prospect of a......

US markets end mostly lower on Wednesday

The US markets ended mostly lower on Wednesday as worries over US-China trade talks lingered. A notice in the Federal Register formally laid the groundwork to raise tariffs on $200 billion of Chinese imports......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......