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10-Aug2018

US markets end mostly lower on Thursday

The US markets ended mostly lower on Thursday, but the Nasdaq bucked the trend to rise for an eighth straight session, logging its best winning streak since October. Trade tensions between Washington and Beijing linger, threatening to derail the market's upside momentum. China warned that duties imposed by President Donald Trump's administration on some $50 billion of Chinese imports set to be enacted on August 23 would be matched, and China's Ministry of Commerce said that the country has to retaliate as necessary. On the economic front, the Labor Department released a report showing first-time claims for unemployment benefits unexpectedly edged lower in the week ended August 4. The report said initial jobless claims dipped to 213,000, a decrease of 6,000 from the previous week's revised level of 219,000. Street had expected jobless claims to inch up to 220,000 from the 218,000 originally reported for the previous week.

Besides, a separate report released by the Labor Department showed producer prices unexpectedly came in unchanged in the month of July. The Labor Department said its producer price index was unchanged in July after rising by 0.3 percent in June. Street had expected producer prices to increase by 0.2 percent. Meanwhile, the Commerce Department released a report showing a modest uptick in wholesale inventories in the month of June. The Commerce Department said wholesale inventories inched up by 0.1 percent in June after rising by 0.3 percent in May. Street had expected wholesale inventories to come in unchanged.

Dow Jones Industrial Average dropped 74.52 points or 0.29 percent to 25509.23 and the S&P 500 declined 4.12 points or 0.14 percent to 2853.58, while Nasdaq was up by 3.46 points or 0.04 percent to 7891.78.


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