US close: Stocks end touch weaker as investors eye Yellen speech
US stocks ended a touch weaker on Thursday as traders weighed up mixed economic data and some disappointing earnings ahead of Federal Reserve Chair Janet Yellen’s speech at Jackson Hole.
The Dow Jones Industrial Average fell 0.2%, while the S&P 500 and the Nasdaq ended 0.1% lower.
At the same time, oil prices settled higher, with West Texas Intermediate up 1.2% at $47.32 per barrel and Brent crude up 1.2% at $49.64.
On the data front, US durable goods orders jumped 4.4% in July, beating expectations for a 3.4% increase and following a 4.2% decline in June, the Commerce Department revealed.
Meanwhile, figures from the Labor Department showed US initial jobless claims declined by 1,000 from the previous week’s unrevised level to 261,000, beating expectations for a jump to 265,000.
In contrast, Markit’s flash US services purchasing managers’ index missed forecasts. The PMI printed at 50.9 in August, remaining above the 50.0 threshold that separates contraction from expansion but below July’s 51.4. This marked the lowest level since February and was weaker than consensus expectations for a reading of 52.0.
The data came ahead of the Fed’s Jackson Hole conference on Friday. Fed chair Janet Yellen’s speech will be in focus for any remarks on whether the central bank feels the economy has strengthened enough to warrant an interest rate hike this year.
However, Neil Wilson, market analyst at ETX Capital, said “don’t expect much from Jackson Hole”.
"The Federal Reserve Bank of Kansas City’s annual economic policy symposium is a serious, sombre affair. It is not a policy meeting, nor is it meant to drive expectations for future policy decisions. It’s a talking shop and we should take the goods on offer with a healthy dose of salt.
"Markets are incredibly quiet this August (in sharp contrast to last year) so investors are latching on to anything they can, which gives this meeting a lot more attention than it probably deserves. Investors will hang on every word uttered by Janet Yellen, the Federal Reserve chair."
In corporate news, Tiffany & Co. shares rallied after the luxury jeweller’s second-quarter profit came in ahead of expectations.
Workday shares surged after the software company’s second-quarter earnings released late on Wednesday beat expectations.
Discount chain Dollar Tree slumped after revealing quarterly sales that fell short of analysts’ estimates, blaming a “challenging” retail environment, while Dollar General also lost ground following lower-than-expected quarterly sales.
Medtronic declined as it reported an increase in quarterly profit that exceeded forecasts, although sales fell across most its segments.
Mylan ended the session a little weaker after saying it was taking "immediate action" to further enhance access to its EpiPen injectors after the generic and specialty pharmaceuticals firm was slammed on Wednesday by presidential candidate Hillary Clinton, who urged the group to drop the price of the treatment.
S&P 500 - Risers
Tiffany & Co. (TIF) $73.24 +6.35%
Westrock Company (WRK) $47.08 +5.87%
Micron Technology Inc. (MU) $16.20 +4.45%
International Paper Co. (IP) $48.40 +3.95%
Salesforce.Com Inc. (CRM) $80.15 +2.99%
Chipotle Mexican Grill Inc. (CMG) $413.20 +2.34%
Western Digital Corp. (WDC) $46.44 +2.27%
Netflix Inc. (NFLX) $97.31 +2.24%
Apartment Investment & Management Co. (AIV) $44.88 +2.00%
Anadarko Petroleum Corp. (APC) $55.16 +1.85%
S&P 500 - Fallers
Dollar General Corp (DG) $75.48 -17.77%
Signet Jewelers Ltd (SIG) $83.45 -12.62%
Dollar Tree Inc (DLTR) $85.50 -9.93%
Express Scripts Holding Co (ESRX) $71.74 -6.03%
St Jude Medical Inc. (STJ) $77.82 -4.96%
Mallinckrodt Plc Ordinary Shares (MNK) $75.23 -4.94%
Endo International Plc (ENDP) $21.03 -4.80%
CVS Health Corp (CVS) $93.79 -3.48%
Amerisource Bergen Corp. (ABC) $85.53 -3.24%
McKesson Corp. (MCK) $183.33 -3.03%
Dow Jones I.A - Risers
Cisco Systems Inc. (CSCO) $31.29 +0.74%
Procter & Gamble Co. (PG) $87.94 +0.72%
Travelers Company Inc. (TRV) $117.79 +0.58%
McDonald's Corp. (MCD) $115.44 +0.50%
Verizon Communications Inc. (VZ) $52.76 +0.44%
Microsoft Corp. (MSFT) $58.18 +0.40%
Goldman Sachs Group Inc. (GS) $165.95 +0.39%
Home Depot Inc. (HD) $135.44 +0.28%
JP Morgan Chase & Co. (JPM) $66.09 +0.21%
3M Co. (MMM) $179.63 +0.12%
Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $137.33 -1.82%
Nike Inc. (NKE) $59.25 -1.61%
Wal-Mart Stores Inc. (WMT) $71.21 -1.41%
Merck & Co. Inc. (MRK) $62.33 -0.64%
Exxon Mobil Corp. (XOM) $87.48 -0.61%
Apple Inc. (AAPL) $107.59 -0.41%
Coca-Cola Co. (KO) $43.68 -0.39%
Caterpillar Inc. (CAT) $82.84 -0.37%
Chevron Corp. (CVX) $101.91 -0.28%
Walt Disney Co. (DIS) $95.55 -0.28%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $16.20 +4.45%
Western Digital Corp. (WDC) $46.44 +2.27%
Netflix Inc. (NFLX) $97.31 +2.24%
Seagate Technology Plc (STX) $32.05 +1.49%
Skyworks Solutions Inc. (SWKS) $74.33 +1.42%
Ctrip.Com International Ltd. Ads (CTRP) $46.34 +1.13%
Bed Bath & Beyond Inc. (BBBY) $46.37 +1.11%
Verisk Analytics Inc. (VRSK) $83.00 +1.08%
Akamai Technologies Inc. (AKAM) $54.56 +1.07%
Autodesk Inc. (ADSK) $63.70 +0.84%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $85.50 -9.93%
Express Scripts Holding Co (ESRX) $71.74 -6.03%
Endo International Plc (ENDP) $21.03 -4.80%
Incyte Corp. (INCY) $80.10 -2.84%
Celgene Corp. (CELG) $107.91 -2.43%
Alexion Pharmaceuticals Inc. (ALXN) $129.17 -2.23%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $36.17 -1.86%
Liberty Global plc Series A (LBTYA) $31.04 -1.80%
Costco Wholesale Corp. (COST) $164.87 -1.61%
Walgreens Boots Alliance, Inc. (WBA) $80.18