Wall Street pares losses, closes the day little changed
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:
- US economy: stable economy and the tightest labor market in years - UOB
- LATAM: Growth recovers, but it is still low - BBVA
- Mexican Deputy Energy Secretary: Mexico does not plan to attend OPEC November meeting
- US Leading Economic Index: First contraction since August 2016 - Wells Fargo
- Gold rises after 3-day slide, consolidates gains near $1290
- China: GDP growth slows slightly in Q3 - Wells Fargo
- US: Weekly initial claims was 222,000, a decrease of 22,000 from previous week
- Philly Fed: Manufacturing firms reported continued growth in October
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.
