Friday, 23 June, 2017

Tech shares fall again as Trump, Fed worries weigh

Reuters Reuters
Kelvin Reese | 16 June, 2017, 06:32

USA retail sales recorded their biggest drop in 16 months, while consumer prices fell unexpectedly in May, raising questions about the Fed's ability to further tighten monetary policy.

U.S. stocks edged down at the close after the United States central bank raised interest rates for the second time this year.

The Nasdaq Composite (COMP - 6,194.89) gave up an early lead amid an afternoon plunge in tech stocks, surrendering 25.5 points, or 0.4%.

"It's a Fed day and the markets will likely not blink an eye as the FOMC raises rates by 25 basis points", said Peter Cardillo, chief market economist at First Standard Financial in NY.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets. "It seems they should be doing the opposite", said Robert Pavlik, chief market strategist at Boston Private Wealth.

The Dow Jones closed up 0.22% at 21,374.56, while the wider S&P 500 index fell 0.10% to 2,437.92.

Tourism Spike to Cuba May Suffer as Trump Moves to Toughen Blockade
The Trump administration is particularly expected to single out GAESA, the Cuban military's business wing. From a USA business perspective , tightening sanctions on travel and trade with Cuba makes little sense.

World coal production suffers biggest drop on record, BP study says
Many oil and gas companies are starting to shift towards low-carbon models in the face of growing concerns around climate change. This week, BP released its Statistical Review of World Energy on 2016 data. "Global oil demand grew by 1.6 Mb/d in 2016".

Israel Returns Ambassador to New Zealand, Ending Diplomatic Rift
Maayan said the Israeli ambassador to New Zealand will return to Wellington in the next few days. Its passing was seen as the crowning achievement of our two years on the UN Security Council.

The Federal Reserve not only announced that it would raise short-term rates, but it also highlighted a plan to begin to reduce its $4.5 trillion asset portfolio.

Mattel slumped 6.7 percent, falling for a second straight session after the company unveiled a turnaround strategy that included a big cut to the dividend to finance technology investment initiatives.

Exxon and Chevron were the top drags on the S&P and the Dow.

After a record close yesterday, the Dow Jones Industrial Average (DJIA) dropped more than 100 points out of the gate, but stemmed its losses by the close.

Traders work on the floor of the New York Stock Exchange June 2, 2017.

H&R Block rose 10.6 percent to $29.79 after the tax preparation service provider's fourth-quarter revenue and profit beat analysts' expectations. August-dated gold futures fell $21.30, or 1.7%, to settle at $1,254.60 an ounce.

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