US close: Markets finish lower amid key economic releases
Shares on Wall Street finished lower on Thursday, amid generally positive readings on the economy and a further move higher in Treasury yields.
The Dow Jones Industrial Average finished down 0.74% at 21,320.04, while the S&P 500 lost 0.94% to 2,409.75 and the Nasdaq 100 was off 0.9% at 5,597.90.
In the background, the yield on the benchmark 10-year US Treasury was up 3.6 basis points to 2.369% as investors around the world continued react to the apparent policy signals from central banks that tighter monetary policy lay ahead.
Some strategists believed a bottom might be near, however, with HSBC strategist Lawrence Dyer telling clients earlier on Thursday how he saw US 10-year yields holding the 2.1% to 2.4% range over the near-term.
Thursday's key economic release - US private sector payrolls - undershot forecasts, but economists were dismissive.
The measure rose 158,000 last month, against a consensus forecast for 185,000, following a downwardly-revised increase of 230,000 for May.
However, Ian Shepherdson, chief economist at Pantheon Macroeconomics, implored market watchers not to be deceived.
“May's official number was hit be a seasonal adjustment problem, which likely won't reverse in full in June but definitely will not be repeated.
“Payrolls should therefore revert to the trend implied by a host of survey data, at least."
The ISM institute's service sector gauge for June jumped to 57.4 for June from 56.9 in May, and against a consensus for 56.6.
Meanwhile, the US foreign trade deficit declined to -$46.5bn for May from -$47.6bn in April, according to the Department of Commerce.
HSN stock rocketed on the heels of a $2.6bn buyout offer from Liberty Interactive earlier in the day, finishing up 26.84%.
Shares in consumer-facing wholesaler Costco finished down 0.59%, having gained before the opening bell after it reported a 7% jump in its sales for June to $12.17bn.
For the five weeks to 2 June its like-for-like sales were 6% ahead.
Analysts at RBC resumed coverage of ExxonMobil shares at 'sector perform' and of Chevron's at 'underperform' - those two stocks finished down 0.9% and 0.76% respectively.
Dow Jones - Risers
E.I. du Pont de Nemours and Co. (DD) $81.60 0.46%
Wal-Mart Stores Inc. (WMT) $75.47 0.20%
McDonald's Corp. (MCD) $153.09 0.01%
Travelers Company Inc. (TRV) $126.18 -0.15%
Boeing Co. (BA) $201.48 -0.16%
JP Morgan Chase & Co. (JPM) $93.38 -0.32%
Procter & Gamble Co. (PG) $87.38 -0.34%
Home Depot Inc. (HD) $152.05 -0.42%
Goldman Sachs Group Inc. (GS) $226.69 -0.59%
Nike Inc. (NKE) $57.16 -0.69%
Dow Jones - Fallers
General Electric Co. (GE) $26.31 -3.80%
Verizon Communications Inc. (VZ) $43.52 -2.53%
Walt Disney Co. (DIS) $103.35 -2.16%
Intel Corp. (INTC) $33.63 -2.07%
Merck & Co. Inc. (MRK) $63.10 -1.65%
American Express Co. (AXP) $83.75 -1.35%
Cisco Systems Inc. (CSCO) $30.72 -1.25%
Pfizer Inc. (PFE) $33.22 -1.25%
Apple Inc. (AAPL) $142.73 -0.94%
Coca-Cola Co. (KO) $44.40 -0.94%
S&P 500 - Risers
ONEOK Inc. (OKE) $52.60 3.65%
Monster Beverage Corp (MNST) $50.33 1.66%
American Airlines Group (AAL) $52.05 1.54%
United Continental Holdings Inc. (UAL) $77.75 1.53%
Broadcom Limited (AVGO) $235.04 1.48%
PACCAR Inc. (PCAR) $67.20 1.22%
Lam Research Corp. (LRCX) $143.89 0.95%
H&R Block Inc. (HRB) $31.28 0.77%
Dover Corp. (DOV) $82.21 0.72%
CenturyLink Inc. (CTL) $23.90 0.67%
S&P 500 - Fallers
L Brands Inc (LB) $46.49 -14.08%
Patterson Companies Inc. (PDCO) $44.15 -6.92%
Under Armour Inc. Class A (UAA) $20.65 -6.73%
Urban Outfitters Inc. (URBN) $17.99 -5.96%
Frontier Communications Co. (FTR) $1.10 -5.17%
Mallinckrodt Plc Ordinary Shares (MNK) $43.02 -4.87%
Newfield Exploration Co (NFX) $26.24 -4.69%
Tenet Healthcare Corp. (THC) $18.23 -4.55%
Seagate Technology Plc (STX) $37.29 -4.43%
CF Industries Holdings Inc. (CF) $27.58 -3.97%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $50.33 1.66%
American Airlines Group (AAL) $52.05 1.54%
Broadcom Limited (AVGO) $235.04 1.48%
PACCAR Inc. (PCAR) $67.20 1.22%
Dish Network Corp. (DISH) $63.40 1.00%
Lam Research Corp. (LRCX) $143.89 0.95%
NetEase Inc. Ads (NTES) $296.80 0.90%
Mercadolibre Inc. (MELI) $251.10 0.85%
Priceline Group Inc (PCLN) $1,872.30 0.34%
Nvidia Corp. (NVDA) $143.48 0.30%
Nasdaq 100 - Fallers
Tesla Inc (TSLA) $308.83 -5.58%
Seagate Technology Plc (STX) $37.29 -4.43%
Alexion Pharmaceuticals Inc. (ALXN) $121.09 -3.17%
Akamai Technologies Inc. (AKAM) $49.36 -3.12%
Tractor Supply Company (TSCO) $51.50 -2.83%
Liberty Global plc Series A (LBTYA) $31.24 -2.65%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $54.06 -2.44%
Cerner Corp. (CERN) $65.03 -2.33%
Mylan Inc. (MYL) $37.65 -2.13%
Biomarin Pharmaceutical Inc. (BMRN) $90.08 -2.10%