US close: ECB reticence sours Wall Street

US stocks finished in the red Thursday as the European Central Bank disappointed the market, by saying it hadn’t discussed further quantitative easing at this month’s policy meeting.

The Dow Jones Industrial Average was last down 0.25% to 18,479.91 points, the S&P 500 dropped 0.22% to 2,181.30 points and the Nasdaq 100 declined 0.58% to 4,804.00 points.

At the same time oil prices gained as data from the Energy Information Administration showed weekly crude inventories fell 14.5m barrels to 511.4m barrels last week.

Earlier, China data showed crude oil imports rose to their highest level of the year in August. Data from the American Petroleum Institute fuelled the rally after revealing a 2.1 million-barrel drop in inventories

West Texas Intermediate crude jumped 3.83% to $47.31 per barrel and Brent crude advanced 3.44% to $49.69 per barrel.

In the eurozone, the ECB downgraded its economic growth for 2017 to 1.6% from its estimate in June of 1.7%, amid risks following the UK’s vote to leave the European Union. The central bank also nudged down its inflation forecast for next year to 1.2% from 1.3%.

“For the time being, the changes are not substantial enough to warrant a change in policy,” Draghi said. “There is no question about the will to act, or the ability to do so.”

The ECB’s Governing Council decided to keep all of its key interest rates unchanged, in a move widely expected by analysts. The monthly asset purchase programme was also left at €80bn until March 2017.

President Mario Draghi admitted the ECB had not discussed expanding the asset purchase programme but reiterated that it would “act by using all the instruments available within our mandate” if warranted.

The euro rose 0.23% against the dollar to $1.1265.

Across the Atlantic, data from the Labor Department showed US jobless claims unexpectedly fell to a two-month low last week. Initial jobless claims dropped by 4,000 to 259,000 in the week to 3 September, surprising analysts who had predicted claims would rise to 265,000 from an unrevised 263,000 the previous week.

“Yet more evidence that whatever has dampened companies' hiring plans has not made them so nervous that they feel the need to lay off staff,” said Ian Shepherdson, chief executive of Pantheon Macroeconomics.

In China, the General Administration of Customs said exports fell 2.8% in August, compared to economists’ estimates for a 4.0% decline and the previous month’s 4.4% decrease.

Imports rose 1.5%, exceeding forecasts for a 5.7% drop and following a 12.5% slide in July.

The trade surplus came to $53.05bn last month, down from $52.31bn in July, although below economists’ forecasts of $59.40bn.

On the corporate front, Barnes & Noble shares dropped 3.89% after reporting a quarterly fall in sales and lowering its guidance for the year.

Hewlett Packard Enterprises slumped 3.17% after the company late on Wednesday said it agreed an $8.8bn merger deal with Micro Focus International.

Dell Technologies shares gained as it said it completed its $60bn deal to acquire EMC Corp. and as it reported a second quarter operating income, recovering from an operating loss.

Dow Jones - Risers

Chevron Corp. (CVX) $104.12 1.21%
Goldman Sachs Group Inc. (GS) $171.66 1.17%
Exxon Mobil Corp. (XOM) $89.05 0.92%
Merck & Co. Inc. (MRK) $63.24 0.59%
Walt Disney Co. (DIS) $94.09 0.41%
E.I. du Pont de Nemours and Co. (DD) $69.66 0.39%
Unitedhealth Group Inc. (UNH) $135.34 0.33%
Boeing Co. (BA) $132.67 0.20%
3M Co. (MMM) $180.10 0.19%
JP Morgan Chase & Co. (JPM) $67.25 0.13%

Dow Jones - Fallers

Nike Inc. (NKE) $56.17 -2.69%
Apple Inc. (AAPL) $105.52 -2.62%
International Business Machines Corp. (IBM) $159.00 -1.63%
Travelers Company Inc. (TRV) $116.90 -1.50%
Home Depot Inc. (HD) $131.26 -1.15%
Cisco Systems Inc. (CSCO) $31.47 -1.01%
McDonald's Corp. (MCD) $116.17 -0.64%
Microsoft Corp. (MSFT) $57.43 -0.40%
Pfizer Inc. (PFE) $34.72 -0.34%
Visa Inc. (V) $82.97 -0.32%

S&P 500 - Risers

Chesapeake Energy Corp. (CHK) $7.74 13.66%
Diamond Offshore Drilling Inc. (DO) $17.49 8.95%
Apache Corp. (APA) $59.00 7.11%
Southwestern Energy Co. (SWN) $15.44 7.07%
Murphy Oil Corp. (MUR) $29.75 6.82%
Marathon Oil Corp. (MRO) $16.80 6.69%
Transocean Ltd. (RIG) $10.47 5.44%
Cabot Oil & Gas Corp. (COG) $26.50 4.95%
Spectra Energy Corp. (SE) $43.98 4.91%
Noble Energy Inc. (NBL) $37.25 4.84%

S&P 500 - Fallers

Tractor Supply Company (TSCO) $69.38 -16.94%
Whirlpool Corp. (WHR) $174.80 -4.09%
Cognizant Technology Solutions Corp. (CTSH) $56.16 -3.80%
Iron Mountain Inc (New) (IRM) $38.28 -3.38%
Hewlett Packard Enterprise (HPE) $21.38 -3.21%
Macy's Inc. (M) $36.00 -3.20%
United States Steel Corp. (X) $18.59 -3.13%
Coach Inc. (COH) $37.43 -2.88%
Apartment Investment & Management Co. (AIV) $45.55 -2.77%
Nike Inc. (NKE) $56.17 -2.69%

Nasdaq 100 - Risers

Alexion Pharmaceuticals Inc. (ALXN) $130.06 3.97%
Walgreens Boots Alliance, Inc. (WBA) $84.67 2.16%
Twenty-First Century Fox Inc Class B (FOX) $25.04 1.95%
Vertex Pharmaceuticals Inc. (VRTX) $97.31 1.79%
Endo International Plc (ENDP) $20.65 1.72%
Micron Technology Inc. (MU) $17.45 1.69%
Dish Network Corp. (DISH) $51.60 1.59%
American Airlines Group (AAL) $39.35 1.55%
Twenty-First Century Fox Inc Class A (FOXA) $24.75 1.52%
Biomarin Pharmaceutical Inc. (BMRN) $97.44 1.35%

Nasdaq 100 - Fallers

Tractor Supply Company (TSCO) $69.38 -16.94%
Liberty Interactive Corporation QVC Group (QVCA) $19.59 -8.71%
Cognizant Technology Solutions Corp. (CTSH) $56.16 -3.80%
Charter Communications Inc. (CHTR) $268.66 -3.21%
Apple Inc. (AAPL) $105.52 -2.62%
Viacom Inc. Class B (VIAB) $39.51 -2.54%
Tesla Motors Inc (TSLA) $197.36 -2.16%
Bed Bath & Beyond Inc. (BBBY) $45.39 -2.07%
Starbucks Corp. (SBUX) $55.30 -1.81%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $34.40 -1.63%