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07-Sep2018

US markets end mostly lower on Thursday

Extending the decline seen over the two previous sessions, the US markets once again ended mostly lower on Thursday on mounting concerns about contagion from a handful of struggling emerging economies on top of unresolved trade tension. Technology stocks again weighed on markets, while energy shares also fell on weak crude prices. Turmoil in Argentina and Turkey, as their currencies continue to sink on deteriorating confidence, is dragging on the global market as investors fear a spillover effect on other healthier emerging markets and beyond. Besides, sentiment were under-presser following the release of a slew of US economic data, including a report from payroll processor ADP showing private sector employment rose by less than expected in the month of August. ADP said private sector employment climbed by 163,000 jobs in August after jumping by a revised 217,000 jobs in July. Street had expected an increase of about 190,000 jobs.

Meanwhile, the Institute for Supply Management released a report showing a much bigger than expected acceleration in the pace of growth in US service sector activity in August. The ISM said its non-manufacturing index jumped to 58.5 in August from 55.7 in July, with a reading above 50 indicating growth in the service sector. Street had expected the index to inch up to 56.8. On the trade front, the US and Canada continued high-stakes negotiations in the effort to revamp the North American Free Trade Agreement, which President Donald Trump said he is prepared to move forward with even without Canada's participation.

The S&P 500 lost 10.55 points or 0.37 percent to 2878.05 and Nasdaq declined 72.45 points or 0.91 percent to 7922.73, while Dow Jones Industrial Average added 20.88 points or 0.08 percent to 25995.87.


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