Apple (AAPL.O) shares also weighed on important indexes, falling 0.4 percent following a report that the provider’s new iPhone was hit with production glitches.
Already weighing on inflation when it decides to proceed with its massive stimulus program, and will be an integral element for the ECB month.
About 6.4 billion shares changed hands on U.S. exchanges, over the 5.8 billion daily average over the last twenty sessions.
Released at Thu, 07 Sep 2017 21:24:58 +0000
“For being in such a nervous world at this time, the marketplace has done exceptionally well,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Combined with Harvey, in the short term, Praveen said, “perhaps it will have a negative impact upon U.S. GDP growth and it may hurt U.S. earnings, and that is likely why the markets are reacting negatively.”
Still, the benchmark S&P stays with market watchers as helping to support stocks, pointing to strong data and strong earnings growth.
“There’s further uncertainty due to Hurricane Irma that’s supposed to be hitting Florida. You do not know what kind of damage it’s likely to do,” said John Praveen, managing director at Prudential International Investments Advisers in Newark, New Jersey.
Eli Lilly (LLY.N) shares rose 1.3 percent after it said it would lay off about 8 percent of its employees.
Irma is the newest macro event to maintain pressure on U.S. equities following issues earlier this week about geopolitical tensions involving North Korea, which sparked the largest one-day drop for the S&P 500 in around three weeks. Adding to concerns, September has been the worst month for stocks, according to the Stock Trader’s Almanac.
With Irma looming, shares of insurers were weaker, with the Dow Jones U.S. Insurance index off 1.9 percent.
Healthcare . SPXHC was the best-performing sector, increasing 1.1 percent. AbbVie (ABBV.N) shares surged 6.1 percent and Bristol-Myers Squibb gained 5.0 percent following the drugmakers individually reported positive developments for their various medicines.
Investors were also digesting comments from European Central Bank President Mario Draghi, who said the euro’s strength was
Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored decliners.
Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva and Dan Grebler
Investors were monitoring in Texas caused by Hurricane Harvey. Irma plowed past the Dominican Republic after a series of Caribbean islands.
(Reuters) – Wall Street ended little changed on Thursday following a moderate late-day rally as media stocks, which slumped on negative business updates from Walt Disney and Comcast, were offset by gains in healthcare shares.
Gains in healthcare stocks such as AbbVie (ABBV.N) and Bristol-Myers Squibb (BMY.N) buoyed indexes, while strength in Microsoft (MSFT.O) and Amazon (AMZN.O) helped maintain the tech-heavy Nasdaq in positive territory.
General Electric (GE.N) shares sank 3.6 percent, dragging on the S&P and the Dow, following a bearish analyst notice.
Comcast (CMCSA.O) dropped 6.2 percent after the cable operator warned of subscriber losses, while Disney shares fell 4.4 percent after the firm cautioned about its profit increase. The S&P 500 media indicator .