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Markets Print 2019-10-17

Wednesday's late afternoon trade S&P 500, Nasdaq dip

The benchmark S&P 500 stock index edged lower on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports.
Published October 17, 2019

The benchmark S&P 500 stock index edged lower on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports.

Technology shares, led by Microsoft Inc, weighed on all three major US stock averages, pulling the S&P 500 and the Nasdaq into the red. The Dow was nominally higher.

US retail sales contracted in September for the first time in seven months, according to the Commerce Department, in a sign that cracks might be spreading from the manufacturing sector to the broader economy.

"The retail sales number has surprised people," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "It's bringing up ideas that the economy might be slowing down."

Uncertainty over whether the United States and China could resolve their long-running trade dispute increased after the US House of Representatives riled Beijing by passing pro-democracy legislation in support of Hong Kong.

United Airlines advanced 2.6% after the airline beat quarterly profit estimates and increased its 2019 guidance.

The Dow Jones Industrial Average rose 18.19 points, or 0.07%, to 27,042.99, the S&P 500 lost 3.71 points, or 0.12%, to 2,991.97 and the Nasdaq Composite dropped 25.20 points, or 0.31%, to 8,123.51.

Of the 11 major sectors in the S&P 500, three were trading in negative territory, with energy and tech suffering the largest percentage losses.

Copyright Reuters, 2019

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