The Closing Bell: Stocks Waver As Energy Stocks Slide

Ted

(The Closing Bell will be updated sometime after 4:00 PM CDST to include the latest updates from IBD and Bloomberg Evening Briefing.)


FYI: U.S. stocks flipped between small gains and losses on Thursday, weighed down by a decline in energy stocks following several jittery days in markets over fears of a slowing global economy.

The Dow Jones Industrial Average dipped 43 points, or 0.17%, to 25169, putting the index on track for a third consecutive day of losses. The S&P 500 was little changed, while drops in energy and financial shares led declines. The technology-heavy Nasdaq Composite lost 0.21%. All three indexes are down at least 1.4% so far this week.

Stock markets moved lower in recent days on concerns about trade tensions between the U.S. and China crimping growth around the world, pushing investors to seek safety in bonds.

Energy stocks in the S&P 500 shed 1.3%, with shares of Exxon Mobil losing 1.4%. U.S. oil prices fell 3.8% to $56.59 a barrel, settling lower in five of the past seven sessions. Gold prices, which tend to rise when investors are worried, ticked up 0.5% to $1,287.10 per troy ounce.

Traders were also sifting through data released Thursday that showed the U.S. economy grew at a slightly slower rate in the first three months of 2019 than previously estimated. Gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 3.1% annual rate in the first quarter, adjusted for seasonality and inflation, the Commerce Department said.

Also on Thursday, shares of Dollar Tree rose 3.3% after the discount retailer said its sales rose in the first quarter, helped by a turnaround at the company’s Family Dollar stores. Meanwhile, Dollar General maintained its financial guidance and store-growth outlook, sending shares 7.1% higher.

Apparel company PVH , whose brands include Tommy Hilfiger and Calvin Klein, cut its full-year forecast amid a stronger U.S. dollar and retail softness in the U.S. and China. Shares slid 14%.

U.S. bond yields, meanwhile, ticked down to 2.234% Thursday from 2.238% Wednesday. Bond yields and prices move in opposite directions. The WSJ Dollar Index, which tracks the dollar against a basket of 16 currencies, was flat.

Elsewhere, the Stoxx Europe 600 rose 0.4%. In Asia, the Shanghai Stock Exchange fell 0.3% and Hong Kong’s Hang Seng Index dropped 0.4%. Japan’s Nikkei lost 0.3%.

FYI:
Regards,
Ted

MarketWatch:
https://www.marketwatch.com/story/stock-index-futures-point-higher-as-trade-inspired-selloff-pauses-2019-05-30/print

WSJ:
https://www.wsj.com/articles/european-stocks-u-s-futures-rise-11559203273

Bloomberg:
https://www.bloomberg.com/news/articles/2019-05-29/asia-stocks-seen-lower-treasuries-pare-gains-markets-wrap?srnd=premium

IBD:
https://www.investors.com/market-trend/stock-market-today/nasdaq-leads-stock-indexes-after-seesaw-session-how-did-uber-fare/

CNBC:
https://www.cnbc.com/2019/05/30/stock-markets-wall-street-in-focus-amid-escalating-trade-war-concerns.html

Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-st-steadies-after-trade-tension-driven-selloff-idUSKCN1T01CB

U.K:
https://uk.reuters.com/article/uk-britain-stocks/ftse-100-gains-as-sterling-slips-on-renewed-hard-brexit-concerns-idUKKCN1T00NQ

Europe:
https://www.reuters.com/article/us-europe-stocks/european-stocks-gain-propped-up-by-media-firms-idUSKCN1T00WO

Asia:
https://www.marketwatch.com/story/asian-markets-dig-deeper-hole-as-selloff-continues-2019-05-29/print

Bonds:
https://www.cnbc.com/2019/05/30/us-treasury-yields-tick-higher-amid-recession-fears.html

Currencies:
https://www.cnbc.com/2019/05/30/forex-market-us-china-trade-war-eu-politics-in-focus.html

Oil:
https://www.cnbc.com/2019/05/30/oil-market-opec-supply-cuts-us-crude-stockpiles-in-focus.html

Gold
https://www.cnbc.com/2019/05/30/gold-market-us-china-trade-war-dollar-in-focus.html

WSJ: Markets At A Glance:
https://markets.wsj.com/us

Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor

SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker

SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

Current Futures:
https://finviz.com/futures.ashx