After showing a lack of direction early in the session, stocks continued to show poor performance in daytime trading on Thursday. The main average spent days bouncing back and forth on the unchanged line.
Currently, all major averages have changed little. The Nasdaq was up 7.54 points or 0.1% at 14,639.50, the Dow was down 51.97 points or 0.2% at 34,746.03, and the S & P500 was down 3.98 points or 0.1% at 4,354.71.
Unstable trading on Wall Street seems to be reluctant for traders to make significant moves following the volatility seen in the last few days.
The prepayments seen in the last two days offset the sell to start the week, but the key average is below the record closing price set last Monday.
Traders are also digesting some mixed economy data, including a report from the Ministry of Labor showing an unexpected increase in first unemployment claims during the week ending July 17.
The Ministry of Labor said the first unemployment claims rose by 51,000 from last week’s revised level of 368,000 to 419,000.
A surprised economist at the rebound who expected unemployed claims to drop from 360,000 initially reported last week to 350,000.
Meanwhile, another report from the National Association of Real Estate Agents shows a rebound in June after existing home sales declined for the fourth straight month.
According to the NAR, after a 1.2% drop to a revision rate of 5.78 million in May, existing home sales surged 1.4% in June to an annual rate of 5.86 million.
Economists expected existing home sales to grow 1.7% from the previously reported 5.8 million last month to a percentage of 5.9 million.
With monthly increases, existing home sales rebounded after dropping to their lowest levels in May’s 11 months.
Despite poor performance by a wider audience marketOil services stocks have shown significant weakness after lowering the Philadelphia Oil Services Index by 2.5% and rebounding sharply in the previous two sessions.
Oil service stocks are pulling back despite the rise in crude oil prices delivered in August from $ 0.72 a barrel to $ 71.02.
Bank stocks were also under pressure during the session, with the KBW Bank Index falling 2%.
There is also considerable weakness among networking stocks, as reflected in the 1.5% decline by the NYSE Arca Networking Index.
Netgear (NTGR) reported the results of the second quarter, which missed a quote, and after providing disappointing guidance, plunged 9.3%, plunging the sector.
Stock prices for oil producers, natural gas and brokerage firms also fell sharply on the day, while software stocks showed a strong upward trend.
Reflecting the strength of the software sector, the Dow Jones US Software Index rose 1.2% to a new daytime high.
In foreign trading, the Asia-Pacific stock market almost rose during Thursday’s trading. Japan’s Nikkei 225 index rose 0.6% and Hong Kong’s Hang Seng index rose 1.8%.
Meanwhile, major European markets performed differently on the day. The UK’s FTSE 100 index fell 0.4%, while the French CAC 40 index rose 0.3% and the German DAX index rose 0.6%.
In the bond market, government bonds have returned upwards following the pullbacks seen in the previous two sessions. After that, the yield on the benchmark 10-year bond, which moves in the opposite direction of the price, drops 3.7 basis points to 1.243%.
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U.S. stocks continue to experience volatile trading
Source link U.S. stocks continue to experience volatile trading