US Stock Indexes Edge Lower In Trading
Energy companies led U.S. stocks modestly lower in late-afternoon trading Wednesday, following another slide in crude oil prices. Banks and health care companies were also pulling the market lower, while consumer-focused stocks and telecom sector companies moved higher.
The Dow Jones industrial average fell 43 points, or 0.2 percent, to 18,489 as of 3:20 p.m. Eastern time.
The Standard & Poor’s 500 index shed six points, or 0.3 percent, to 2,174.
The Nasdaq composite index lost 19 points, or 0.4 percent, to 5,205. The Nasdaq was coming off a record high close on Tuesday.
“There are just not a lot of people around, and the moves are pretty small in the scheme of things,” said David Lefkowitz, senior equity strategist at UBS Wealth Management Americas.
Without major economic news, investors checked organization profit, a large portion of which have now been accounted for. They appear to have been moderately good for the second quarter. A strong jobs report last Friday helped investors’ trust in the U.S. economy. Investors ought to get some knowledge into the health of consumer demand as a few noteworthy retailers report quarterly results and the government conveys its most recent month-to-month retail sales figures on Friday.
Traders looked for shade from SunPower after the solar products and service company tumbled 29.8 percent. The company said its energy plant business is battling in the midst of developing rivalry and project delays. The stock lost $4.40 to $10.38.
Michael Kors slid 2.7 percent after the clothing company forecast weaker sales for the current quarter and lowered its outlook for sales at established stores. The stock fell $1.36 to $48.75.
Clothing company Ralph Lauren surged 9 percent after it delivered strong quarterly results. The stock gained $8.57 to $103.64.
Yelp jumped 12.8 percent after the online business review portal reported strong quarterly results. The stock added $4.18 to $36.82.
In Europe, Germany’s DAX fell 0.4 percent, while France’s CAC 40 plunged 0.4 percent.
England’s FTSE 100 rose 0.2 percent. Prior, Japan’s Nikkei 225 lost 0.2 percent in spite of a report indicating private segment machinery orders bounced back in June from May.
Hong Kong’s Hang Seng edged up 0.1 percent, while Australia’s S&P ASX 200 fell 0.2 percent. South Korea’s Kospi included under 0.1 percent.
Stocks in Taiwan and Singapore additionally were higher, yet advertisements in China, Indonesia and New Zealand declined.
A greater than-anticipated increase in U.S. oil stockpiles a week ago weighed on the cost of crude, turning around an early gain. Benchmark U.S. crude fell $1.06, or 2.5 percent, to close at $41.71 per barrel in New York. Brent rough, used to value worldwide oils, slid 93 cents, or 2.1 percent, to close at $44.05 per barrel in London.
In other energy trading, wholesale gasoline slipped 4 cents to $1.30 a gallon, while heating oil lost a penny to $1.32 a gallon.
Common gas fell 5 cents, or 2.1 percent, to $2.56 per 1,000 cubic feet.
The cost of gold rose $5.20, or 0.4 percent, to $1,351.90 an ounce. Silver included 32 cents, or 1.6 percent, to $20.17 an ounce. Copper picked up 2 cents, or 1 percent, to $2.17 a pound.