Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Overnight Markets: Energy shares weigh on Wall Street

Overnight Markets: Energy shares weigh on Wall Street

Wall Street declined on Thursday as a fall in energy shares erased earlier gains following the European Central Bank's new stimulus measures.

The Dow Jones industrial average fell nine points, or 0.05%, to 17,070. The S&P 500 was down three points, or 0.15%, to end at 1,998. The Nasdaq Composite lost 10 points, or 0.22%, to 4,562.

The Dow and S&P 500 touched record intraday highs after the ECB cut interest rates in a surprise move and vowed to start buying assets, boosting the flow of funding for the euro-area economy while stopping short of broad-based quantitative easing.

However, shares erased early gains amid nervousness ahead of Friday's key US jobs data. Expectations are for payroll growth of 225,000 in August, according to a Reuters poll.

Economic data showed US initial jobless claims rose to 302,000 last week, within levels consistent with a strengthening labour market, though the private ADP survey's gauge of hiring came in a bit lower than expected.

Energy was the day’s worst performing sector. Drilling equipment maker FMC Technologies (FTI.N), the sector's biggest percentage decliner, fell 4.4%. Crude oil futures lost 1.1% to $94.55 as the dollar strengthened and weighed on commodities priced in the US currency.

Shares of PVH Corp (PVH.N) rose 9.6% after the apparel company's quarterly profit beat expectations, bolstered by sales of Tommy Hilfiger-branded clothes.

US-listed shares of BP Plc (BP.N) fell 5.9% after a US district judge ruled the company was "grossly negligent" in a massive oil spill in the Gulf of Mexico in 2010. Fastenal Co. rose 4% after reporting a sales increase.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: a Williams de Broe vet on striking out from Investec

Profile: a Williams de Broe vet on striking out from Investec

Laurence Boyle and his team became ‘somewhat of an oddity’ within Investec after joining via its acquisition of Williams de Broë

Wealth Manager on Twitter