Written by Investing Daily, Investing Daily
U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.37%
U.S. stocks were lower after the close on Friday, as losses in the Technology, Basic Materials and Oil & Gas sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average lost 0.37% to hit a new 1-month low, while the S&P 500 index lost 0.73%, and the NASDAQ Composite index fell 1.32%..
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The best performers of the session on the Dow Jones Industrial Average were Boeing Co (NYSE:BA), which rose 1.62% or 5.41 points to trade at 339.56 at the close. Meanwhile, McDonald’s Corporation (NYSE:MCD) added 1.52% or 3.21 points to end at 214.46 and Merck & Company Inc (NYSE:MRK) was up 0.93% or 0.78 points to 84.47 in late trade.
The worst performers of the session were Cisco Systems Inc (NASDAQ:CSCO), which fell 3.86% or 2.14 points to trade at 53.25 at the close. Dow Inc (NYSE:DOW) declined 2.69% or 1.26 points to end at 45.59 and Nike Inc (NYSE:NKE) was down 2.42% or 2.01 points to 81.11.
The top performers on the S&P 500 were Newell Brands Inc (NASDAQ:NWL) which rose 14.22% to 15.34, Fortinet Inc (NASDAQ:FTNT) which was up 8.90% to settle at 86.05 and Sealed Air Corporation (NYSE:SEE) which gained 7.70% to close at 44.32.
The worst performers were NetApp Inc (NASDAQ:NTAP) which was down 20.22% to 46.04 in late trade, Arista Networks (NYSE:ANET) which lost 10.21% to settle at 244.44 and LyondellBasell Industries NV (NYSE:LYB) which was down 6.60% to 76.11 at the close.
The top performers on the NASDAQ Composite were iPic Entertainment Inc (NASDAQ:IPIC) which rose 41.53% to 1.6700, Blackline Inc (NASDAQ:BL) which was up 31.66% to settle at 56.01 and PC Connection Inc (NASDAQ:CNXN) which gained 22.35% to close at 39.85.
The worst performers were Acorda Therapeutics Inc (NASDAQ:ACOR) which was down 48.93% to 3.10 in late trade, Glu Mobile Inc (NASDAQ:GLUU) which lost 36.50% to settle at 4.820 and Fluidigm Corporation (NASDAQ:FLDM) which was down 33.74% to 8.05 at the close.
Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1884 to 1116 and 18 ended unchanged; on the Nasdaq Stock Exchange, 1755 fell and 893 advanced, while 95 ended unchanged.
Shares in NetApp Inc (NASDAQ:NTAP) fell to 52-week lows; losing 20.22% or 11.67 to 46.04. Shares in Dow Inc (NYSE:DOW) fell to 3-years lows; down 2.69% or 1.26 to 45.59. Shares in Acorda Therapeutics Inc (NASDAQ:ACOR) fell to 5-year lows; losing 48.93% or 2.97 to 3.10. Shares in Glu Mobile Inc (NASDAQ:GLUU) fell to 52-week lows; falling 36.50% or 2.770 to 4.820.
The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 1.46% to 17.61.
Gold Futures for December delivery was up 1.45% or 20.80 to $1453.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 2.37% or 1.28 to hit $55.23 a barrel, while the October Brent oil contract rose 1.27% or 0.77 to trade at $61.27 a barrel.
EUR/USD was up 0.23% to 1.1108, while USD/JPY fell 0.68% to 106.61.
The US Dollar Index Futures was down 0.28% at 97.873.
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U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 2.45%
Stocks – Trade Jitters Send Wall Street to Worst Week of Year
The U.S. dollar fell after the jobs report failed to diminish expectations of the Federal Reserve cutting rates next month.
The U.S. economy added just 164,000 jobs in July, compared to 193,000 in June, while job creation was as expected and the unemployment rate held steady near 50-year lows.
Trade tensions continued to weigh on investors, with demand for more traditional safe-haven assets rising after U.S. President Donald Trump threatened another 10% of tariffs on $300 billion worth of Chinese goods, which would put tariffs on all U.S. imports from China. Beijing warned on Friday it would retaliate.
The announcement was made just one day after the U.S. and China wrapped up trade discussions in Shanghai, and ended a trade truce the two countries struck in June.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.2% to 97.975 by 10:37 AM ET (14:37 GMT).
The safe-haven Japanese yen was higher, with USD/JPY falling 0.7% to 106.59.
The euro rose due to the weakness in the greenback. The currency was also boosted by reports that Trump is expected to make a trade announcement regarding the European Union at 1:45 PM ET (17:45 GMT). No details were given about what the agreement would entail.
EUR/USD gained 0.2% to 1.1101.
Sterling dipped down slightly, with GBP/USD down 0.1% to 1.2114. Elsewhere, USD/CAD rose 0.3% to 1.3241, while USD/MXN jumped 0.5% to 19.3248.
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Gold prices gained on Friday in Asia after U.S. President Donald Trump announced new tariffs on more Chinese goods.
Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange were up 0.9% at $1,444.95 by 12:50 AM ET (04:50 GMT).
Overnight, Trump said in a tweet that his administration would on Sept. 1 be putting a “small additional tariff of 10%” on the remaining $300 billion of goods and products coming in from China.
The move was due to its apparent lack of commitment to secure a trade deal with the U.S., the president said.
The new tariffs are on top of the 25% tariffs on $250 million of imported Chinese goods.
Gains for the yellow metal were limited amid disappointment over what was deemed an inadequate U.S. interest-rate cut.
While the U.S. Federal Reserve cuts rate by a quarter-point as expected, Fed chair Jerome Powell said in his news conference that the rate cut was a just mid-cycle adjustment. Analysts had previously expected the central bank to announce a series of rate cuts to shield the U.S. economy from slowdown.
The news dented demand for gold and other commodities that are priced in the U.S. dollar, which jumped following the announcement.
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Crude oil prices rebounded Friday, as fears the U.S.-China trade war may hurt oil demand from Beijing were eased somewhat after President Donald Trump reportedly said that proposed tariffs on China could be delayed or halted if Beijing “takes positive action.”
On the New York Mercantile Exchange crude futures rose 3.2% to $55.66 a barrel, while on London’s Intercontinental Exchange, Brent jumped $1.39 to $61.89 a barrel.
During an interview with CNBC, U.S. President Donald Trump said that his administration could delay or halt the imposition of tariffs if China “takes positive action.”
The comments come a day after Trump announced that the U.S. would impose new levies on $300 billion worth of Chinese goods, raising fresh fears about oil demand growth, sending oil prices tumbling 8% – their biggest one-day drop in more than four years.
If implemented, the latest round of U.S. tariffs on China would cut global oil demand by 250,000-500,000 barrels a day, said Bank of America Merrill Lynch:
“Global oil consumption growth is running at the weakest levels in nearly a decade. Protectionism has taken a big toll on global industrial activity.”
Oil prices were also supported by signs of easing production in the U.S., as data on Friday showed domestic energy firms reduced the number of oil rigs operating for a fifth week in a row.
Drillers cut six oil rigs in the week to Aug. 2, bringing the total count down to 770, the lowest since February 2018, Baker Hughes, the big energy services company, reported Friday.
Oil prices have been caught in a tug of war, with tightening global supplies offset by timid oil demand.
Earlier this week, the Energy Information Administration reported a sixth-straight weekly draw in in domestic crude supplies, underscoring the trend of tightening global supplies, which has been led by OPEC.
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Natural Gas
No report this week.
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