S&P, Dow Set for Worst Day in 8 Months on Trump Turmoil
S&P, Dow Set for Worst Day in 8 Months on Trump Turmoil
18 May, 2017, 01:16
USA manufacturing production recorded its biggest increase in more than three years in April but housing starts posted a surprise fall to five-month lows.
USA stock market declines accelerated in afternoon trading, and major US indexes ended near session lows. The S&P 500 bank sub-sector was down 4.5 percent while the broader financial sector sank 3.4 percent, led by a 6.2 percent decline in Bank of America stocks and a 4 percent drop for JPMorgan.
USA share futures and the dollar tumbled in Asian trade on Wednesday after reports President Donald Trump asked then-FBI Director James Comey to end a probe into Trump's former national security advisor.
The U.S. dollar index touched its lowest level since early November on Tuesday, hurt by weaker-than-expected U.S. housing data and as political turmoil in Washington raised anew concerns about the outlook for passing expected legislation. Stocks remain at or near record highs, supported by the strongest earnings season for S&P 500 components since 2011.
The Dow Jones Industrial Average fell 2.19 points, or 0.01 percent, to 20,979.75, the S&P 500 lost 1.65 points, or 0.07 percent, to 2,400.67 and the Nasdaq Composite added 20.20 points, or 0.33 percent, to 6,169.87.
In April, the yen had firmed to the low 108 yen-range against the dollar, but temporarily softened on speculation that the U.S. Federal Reserve would raise interest rates, expanding the Japan-U.S. rate differential.
"The only political calibration the Fed has is how much Trumponomics we were going to get that they can't see yet", Neil Dwane, global strategist at Allianz Global Investors, said in an interview with Bloomberg TV.
About 8.37 billion shares changed hands on USA exchanges in the busiest trading day since March 21, compared with the 6.9 billion-share average for the last 20 sessions. Even so, US policymakers "are in the mindset to raise as long as the markets are prepared for it", he said.
Oil prices were little changed as traders awaited weekly USA inventory data and after Kuwait joined top producers Saudi Arabia and Russian Federation in support of prolonging supply cuts through March 2018 to reduce a global crude glut. The Stoxx Europe 600 Index fell 1 percent, after ending little changed in the previous session.
Expectations of a rate increase in June fell to 74 percent compared to 84 percent last week, according to the CME Fedwatch. Barrick rose 2.2 per cent to $23.53, while Agnico Eagle Mines Ltd was up 2.1 per cent at $68.17. The MSCI All-Country World Index fell 0.6 percent from a record, with banks having the biggest impact across all regions. The FTSE 100 index of leading British shares was 0.1 percent lower at 7,519 and near all-time highs.
The 10-year U.S. Treasuries yield dipped to 2.303 percent, flirting with its lowest level in two weeks.
USA crude fell 0.49 percent to $48.61 per barrel and Brent was last at $51.62, down 0.39 percent on the day.
Spot gold added 0.5 percent to $1,236.91 an ounce. USA gold futures gained 0.56 percent to $1,236.90 an ounce. Hong Kong's Hang Seng index slipped 0.2 percent to 25,293.63.
The climber then stepped one foot off the beam and held on to the cable with one hand as his body hung over the bridge. Locati said the bridge's security system was "not created to protect thrill-seekers from harming themselves".
Under Tesla, SolarCity has slowed installations and focused on the most profitable projects that generate cash upfront. Something tells us whatever company Rive starts will once again end up being generously subsidized by taxpayers.
Starting on Tuesday, users of the social media app will be able to select one of eight filters to enhance their posts. All of this is available in the latest Instagram release, which is available now on Android and iOS .
The clash erupted over preparations for President Trump's visit to the Kotel, which Netanyahu had asked to join. But even before Trump sets foot in the Holy Land, he appears to have been tripped-up by his advance team.
Kim said he drew inspiration from Choi, who still leads all South Korean players with eight career PGA Tour victories. His bogey-free 69 at Sawgrass saw him finish at 10-under - three shots clear of Ian Poulter and Louis Oosthuizen .
As a player, I've given everything and I love Manchester as a city and I've had my best moments as a player here at the club. Guardiola was speaking at a press conference to preview Tuesday's final home game of the campaign against West Brom .
An IR blaster can be found on the very top of the Redmi 4 , and this phone also offers 4G LTE connectivity . On the software front, the device runs on Android Marshmallow wrapped under MIUI 8 out-of-the-box.
ILLEGAL ACTIVITY NOTICE: This piece of content was first reported by Chaffey Breeze and is owned by of Chaffey Breeze. The 52 week high Snap Chat's shares have peaked at is 29.44 whilst the 52 week low for the company's shares is 17.59.
Qualcomm sues four Apple contract manufacturers
Qualcomm's shares were marginally lower at $55.82 in midday trading, while Apple's shares fell 2.3 percent to $151.85. The case underscores the influence Apple wields over the companies that make its products and parts for them.
NYC event designer, 2 kids disappear in plane off Bahamas
It was en route from Puerto Rico and never made it to its destination of Titusville, along the northeastern coast of Florida. The passengers on board the plane were identified as Jennifer Blumin, 40, of NY , and her 3-year-old and 4-year-old sons.
Select list of nominees for 2017 Tony Awards
Previous year smash-hit, hip-hop musical " Hamilton " won 11 awards after scooping a record 16 nominations. Platt is also a top contender in winning the coveted Tony Award in the Best Actor in a Musical category.
Road sweet road: LeBron relishes away games in playoffs
The fans were all decked in white shirts printed with red maple leafs and they booed LeBron James each time he touched the ball. After winning the first two games this season, the Cavs went back to Toronto trying to avoid the pitfalls of previous year .