Breaking News

You are here » Indian-Commodity  :  International & World Stock  :  US markets end mostly lower on Thursday

07-Dec2018

US markets end mostly lower on Thursday

The US markets ended mostly lower on Thursday after a dramatic session that saw the Dow Jones Industrial Average drop more than 700 points at one point on fears that the arrest of a Huawei executive would reignite trade worries. Huawei CFO Meng Wanzhou was arrested in Canada on suspicion of violating US trade sanctions against Iran and faces possible extradition to the US.  Further, some cautiousness also prevailed in the markets after a report released by the Commerce Department showed a steep drop in new orders for US manufactured goods in the month of October. The Commerce Department said factory orders tumbled by 2.1% in October after rising by a downwardly revised 0.2% in September. Street had expected factory orders to slump by 2.0% compared to the 0.7% increase originally reported for the previous month.

However, the markets clawed back most of its losses on a report that the Federal Reserve may turn more accommodative. Federal Reserve officials are considering signaling a wait-and-see mentality after a likely interest rate hike later this month. According to a report released by the Institute for Supply Management, growth in US service sector activity unexpectedly accelerated in the month of November. The ISM said its non-manufacturing index crept up to 60.7 in November after pulling back to 60.3 in October, with a reading above 50 indicating service sector growth. Street had expected the index to dip to 59.2. Meanwhile, revised data released by the Labor Department showed labor productivity in the US increased by slightly more than initially estimated in the third quarter. The report also said unit labor costs rebounded by less than previously estimated. The report said productivity surged up by 2.3% in the third quarter compared to the previously reported 2.2% spike. The upward revision to the pace of productivity growth matched street estimates.

Dow Jones Industrial Average declined 79.40 points or 0.32 percent to 24947.67 and S&P 500 lost 4.11points or 0.15 percent to 2695.95, while Nasdaq was up by 29.83 points or 0.42 percent to 7188.26.


Related News

View all news

US markets end marginally higher on Tuesday

The US markets ended marginally higher on Tuesday as another round of US-China trade talks began in Washington. President Donald Trump said the US-China trade talks are going very well and once again hinted......

US markets end significantly higher on optimism about US-China trade talks

The US markets ended significantly higher on Friday amid increasing hopes for a US-China trade deal. As per the report, officials from both the US and China will continue trade talks next week in Washington,......

US markets end lower on weak retail sales

The US markets ended mostly in red on Thursday after a report from the Commerce Department unexpectedly showed a substantial decrease in retail sales in December, increasing the appeal of safe havens like......

Top News

View all news

Tata Motors signs LTS agreement with its employees

Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees. Under the agreement, workmen will get a wage rise of Rs 9,000 per month along with other incentives based on performance.......

Canara Bank invites bids from merchant bankers to manage its $350-500 million MTN issue: Report

Canara Bank has reportedly invited bids from merchant bankers to manage its $350-500 million issue of senior unsecured/tier-II capital bonds under its medium-term note (MTN) programme. The issue size may......

Alembic Pharma gets USFDA's nod for Acetazolamide Extended-Release Capsules

Alembic Pharmaceuticals (Alembic) has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acetazolamide Extended-Release Capsules, 500......