US close: Markets muted in Columbus Day trading
Wall Street dipped into the red amid thin trading conditions and with a dearth economic data and with government debt markets closed on account of Columbus Day.
Dow Jones I.A.
38,503.69
04:30 15/10/20
Nasdaq 100
17,471.47
12:15 23/04/24
The Dow Jones Industrial Average was down 0.06% at 22,761.07, the S&P 500 lost 0.18% to 2,544.73 and the Nasdaq 100 was off 0.1% at 6,058.53.
Investors spent earlier parts of the session digesting Boston Fed chief Eric Rosengren’s remarks from Montreal on Saturday, in which he cautioned that keeping interest rates in negative territory even as the job market tightened risked "unnecessarily shortening" the economic recovery.
On Friday, stocks edged lower after the latest non-farm payrolls report showed the US economy lost 33,000 jobs in September even as the unemployment rate fell to a 16-year low of 4.2%.
Economists had expected payrolls to grow by 90,000 and for the unemployment rate to be unchanged at 4.4%.
Despite the disappointment, Friday’s stock market losses were minimal as market participants had been pricing in an underwhelming print due to hurricanes Harvey and Irma.
“Moving forward, this week the dollar's price action will be dictated by the upcoming reports and how these will shape expectations regarding another rate hike from the Fed in December but also from any rising geopolitical risks,” said Konstantinos Anthis at ADS Securities.
“The Fed minutes scheduled for release on Wednesday are expected to reflect a positive bias on the progress of the domestic economy and the Retail Sales report at the end of the week is expected to print higher.
"Strong business activity last month and rising wage levels should send Retail Sales figures sharply higher which will be supportive of Fed's intention to raise rates again by the end of the year.”
On the corporate front, General Electric reversed course to finish 3.94% lower as analysts at JPMorgan labeled news that some of its top executives were leaving a "clear negative".
Shares of AMC Entertainment were also in the spotlight, dropping 7.89% following a lacklustre movie theatre debut at the weekend for "Blade Runner 2049".
Data centre company Switch was under the cosh, finishing 8.8% lower,after surging 23% in its trading debut on Friday.
Dow Jones - Risers
Wal-Mart Stores Inc. (WMT) $80.53 1.94%
International Business Machines Corp. (IBM) $147.39 0.62%
Chevron Corp. (CVX) $117.71 0.58%
Intel Corp. (INTC) $39.86 0.58%
Verizon Communications Inc. (VZ) $49.05 0.49%
Exxon Mobil Corp. (XOM) $82.01 0.39%
Microsoft Corp. (MSFT) $76.29 0.38%
Apple Inc. (AAPL) $155.84 0.35%
United Technologies Corp. (UTX) $118.62 0.34%
McDonald's Corp. (MCD) $160.12 0.33%
Dow Jones - Fallers
General Electric Co. (GE) $23.43 -3.94%
Nike Inc. (NKE) $51.52 -1.72%
Goldman Sachs Group Inc. (GS) $242.80 -1.31%
Unitedhealth Group Inc. (UNH) $196.25 -0.89%
JP Morgan Chase & Co. (JPM) $96.38 -0.53%
Walt Disney Co. (DIS) $99.57 -0.50%
Merck & Co. Inc. (MRK) $64.33 -0.34%
Procter & Gamble Co. (PG) $92.12 -0.23%
Coca-Cola Co. (KO) $45.39 -0.18%
Travelers Company Inc. (TRV) $124.90 -0.10%
S&P 500 - Risers
Micron Technology Inc. (MU) $40.96 3.25%
Frontier Communications Co. (FTR) $12.53 2.70%
Nvidia Corp. (NVDA) $185.39 2.26%
H&R Block Inc. (HRB) $25.36 2.01%
Transocean Ltd. (RIG) $10.51 1.94%
Wal-Mart Stores Inc. (WMT) $80.53 1.94%
Philip Morris International Inc. (PM) $113.37 1.89%
Altria Group Inc. (MO) $63.57 1.63%
Apache Corp. (APA) $45.85 1.51%
Citrix Systems Inc. (CTXS) $80.62 1.45%
S&P 500 - Fallers
DaVita Inc (DVA) $53.89 -9.91%
Viacom Inc. Class B (VIAB) $25.42 -6.37%
Express Scripts Holding Co (ESRX) $59.22 -5.04%
Tenet Healthcare Corp. (THC) $14.91 -4.98%
United States Steel Corp. (X) $25.02 -3.95%
General Electric Co. (GE) $23.43 -3.94%
Juniper Networks Inc. (JNPR) $27.32 -3.90%
Symantec Corp. (SYMC) $32.63 -3.80%
Medtronic Plc (MDT) $76.93 -3.61%
CVS Health Corp (CVS) $74.28 -3.41%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $40.96 3.25%
Nvidia Corp. (NVDA) $185.39 2.26%
Baidu Inc. (BIDU) $252.22 1.83%
Citrix Systems Inc. (CTXS) $80.62 1.45%
KLA-Tencor Corp. (KLAC) $103.95 1.44%
Marriott International - Class A (MAR) $112.76 0.89%
CSX Corp. (CSX) $52.81 0.88%
Xilinx Inc. (XLNX) $72.57 0.78%
QUALCOMM Inc. (QCOM) $52.88 0.74%
Intel Corp. (INTC) $39.86 0.58%
Nasdaq 100 - Fallers
Viacom Inc. Class B (VIAB) $25.42 -6.37%
Express Scripts Holding Co (ESRX) $59.22 -5.04%
Tesla Inc (TSLA) $342.94 -3.91%
Symantec Corp. (SYMC) $32.63 -3.80%
Liberty Global Plc Lilac Class C (LILAK) $23.65 -3.51%
Activision Blizzard Inc. (ATVI) $61.18 -3.27%
Walgreens Boots Alliance, Inc. (WBA) $70.87 -3.18%
Liberty Interactive Corporation QVC Group (QVCA) $22.35 -3.16%
Dish Network Corp. (DISH) $51.68 -3.09%
Liberty Global Plc Lilac Class A (LILA) $23.94 -2.92%