US close: Markets mixed as investors close their wallets

US stocks took a breather on Thursday, following mixed economic data and ahead of key corporate updates from tech heavyweights Microsoft and eBay.

Nasdaq 100

20,684.59

12:15 19/11/24

0.71%

145.40

The Dow Jones industrial Average closed down 0.13% at 21,611.78, while the S&P 500 was down 0.02% at 2,473.45 and the Nasdaq 100 was ahead 0.09% at 5,921.22.

On Wednesday, the Nasdaq and S&P 500 hit records highs, boosted by strength in the technology sector and a solid earnings release from Morgan Stanley.

CMC Markets market analyst David A madden noted that after an “impressive” run recently, the Dow Jones, S&P 500 and Nasdaq 100 all retreated from record highs earlier in the session as traders locked in their profits.

He said the major US equity indices were grinding out fresh record highs after fresh record highs, and traders were now taking of their cash off the table.

"The political problems that Donald Trump is suffering from doesn’t encourage traders to remain long as there are doubts over what else the Republican Party may be divided over,” Madden added.

“The weakness in the US dollar today couldn’t prop up the US equity markets as political trouble for Trump spells problems for both the greenback and stocks.”

Initial weekly US employment claims fell by 15,000 during the week ending on 15 July, a new cycle and record low according to the Department of Labor.

The Federal Reserve bank of Philadelphia's regional manufacturing gauge slipped from 27.6 for June to 19.5 in May, against a consensus for 23.0, with the new orders sub-index down from 25.9 to 2.1 - its lowest reading since August 2016.

On the US corporate front, Bank of New York Mellon was 1.66% higher after it released second-quarter earnings per share of $0.88 and sales of $3.96bn versus estimates of $0.84 and $3.89bn.

Chip designer Qualcomm was 4.95% lower after missing analysts' forecasts for its bottom line in the third quarter and after issuing weaker than expected third quarter guidance, with the latter failing to mention sales related to Apple products.

Stock in insurer Travelers was 1.49% lower, having delivered mixed second quarter results.

Home Depot was a top faller, with market commentary linking the 4.03% move in its shares to rival Sears’ announcement that it would begin selling its Kenmore line of white goods via Amazon.com.

Dow Jones - Risers

Nike Inc. (NKE) $59.10 2.30%
Verizon Communications Inc. (VZ) $44.28 1.77%
Unitedhealth Group Inc. (UNH) $191.50 1.22%
Johnson & Johnson (JNJ) $136.63 1.01%
Intel Corp. (INTC) $34.75 0.55%
Merck & Co. Inc. (MRK) $62.94 0.51%
Walt Disney Co. (DIS) $107.36 0.51%
Microsoft Corp. (MSFT) $74.22 0.49%
Procter & Gamble Co. (PG) $88.60 0.28%
McDonald's Corp. (MCD) $154.31 0.21%