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 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......