Wall Street pares losses, closes the day little changed

Eren Sengezer FXStreet

After starting the day substantially lower amid sharp losses seen in European stocks, major equity indexes were able to retrace their losses to close the day little changed on Thursday.

Apple shares lost more than 2% on the day as investors reacted to a lower-than-expected demand for iPhone X, dragging the S&P 500 Information Technology Sector (SPLRCT) 0.35% lower. In the meantime, the S&P 500 Energy Sector (SPNY) lost 0.3% amid falling crude oil prices. The barrel of West Texas Intermediate settled at $51.30 on Thursday, down $0.75.

On the other hand, bank shares continued to push higher for the second day in a row, helping the S&P 500 Financials Sector (SPSY) rise as much as 0.6% before closing the day 0.15% higher and supporting the recovery. Commenting on today's market action, “there’s not a strong downside case right now to shake up the narrative and get things into a more defensive frame of mind,” Katrina Lamb, head of investment strategy and research at MV Financial, asset manager and wealth manager in Bethesda, Maryland, told Reuters.

The Dow Jones Industrial Average added 7.16 points, or 0.03%, to 23,164.76, the S&P 500 added 0.84 points, or 0.03%, to 2,562.10 and the tech-heavy Nasdaq Composite lost 19.34 points, or 0.29%, to 6,604.88.

Headlines from the NA session:

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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