Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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.
Citywire TV
Play From Private Bank to Private Office: the next generation of ultra high net worth investors

From Private Bank to Private Office: the next generation of ultra high net worth investors

Citywire's Anna Dumas highlights the trend towards private and family offices.

Play Inside ETFs: how to defend against bond volatility

Inside ETFs: how to defend against bond volatility

In this latest episode we call in experts from 7IM and Markit to assess how the bond sell-off has impacted ETFs.

Play The future of wealth management according to disruptive tech expert Andrew Tarver

The future of wealth management according to disruptive tech expert Andrew Tarver

Three private office investors direct their questions about the future of wealth management, to Andrew Tarver, founder of Boldrocket and disruptive tech expert.

Your Business: Cover Star Club

Profile: Stenham's CIO on the strange persistence of hedge funds

Profile: Stenham's CIO on the strange persistence of hedge funds

Stenham Asset Management chief investment officer Kevin Arenson believes hedge funds are making a comeback

Wealth Manager on Twitter