Saturday, 18 August, 2018

S&P 500, Dow end lower with energy, financials; Tesla falls

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns Andrew Kelly Reuters
Kelvin Reese | 13 August, 2018, 07:48

Mylan's 6.8 percent drop was the most on the benchmark S&P 500 after the drugmaker reported quarterly results and said it was actively evaluating a "wide range of alternatives".

Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

The Dow Jones Industrial Average fell 74.52 points, or 0.29 per cent, to 25,509.23, the S&P 500 lost 4.12 points, or 0.14 per cent, to 2,853.58 and the Nasdaq Composite added 3.46 points, or 0.04 per cent, to 7,891.78.

Microchip Technology shares fell 10.9 per cent after a disappointing second-quarter revenue forecast.

The S&P 500 is up 13.23 points, or 0.5 percent. Beijing announced Wednesday it would counter the most recent round of US tariffs with its own.

Shares of Apple rose 1.1 percent, while those of Amazon were up 1.0 percent and Microsoft rose 0.3 percent.

Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent. The stock ended down 4.8 per cent.

Carragher: New Arsenal boss Emery compared to Rafa Benitez
The Arsenal Supporters' Trust described the move as a "dreadful day" for the club, but Emery is more optimistic. But in these two moments in the match we need to work.

Be careful of Baker Mayfield debut, but it was impressive
He received a ton of work in six series and looked, well, mostly like the big-play magician who won the Heisman trophy past year . In his National Football League preseason debut, Giants running back Barkley delivered with a 39-yard rush on his first touch.

Over 100 rockets fired into Israel from Gaza
A video has been circulating on social media that captures the terror that Israelis endure when Hamas launches rockets at them. In another round of escalation, Israel responded to rocket fire by striking what it says are Hamas militant targets in Gaza .

The S&P gains came as the latest data pointed to strength in the labor market, underscoring the health of the USA economy despite ongoing trade tensions.

Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

About 5.9 billion shares changed hands on USA exchanges.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now".

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

"The Dow's positive momentum keeps fading according to technical readings in the daily chart, but by no means indicates an upcoming bearish continuation, as the index holds well above all of its moving averages, and with the 20 DMA maintaining its bullish stance".

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