US markets closed lower on sell-off in tech sector

07 Jul 2017 Evaluate

The US markets closed lower on Thursday, as investors continued to rotate out of battered technology names. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market. A round of economic data, including readings on private-sector payrolls and weekly layoffs, did little to soothe worries about the expected muted pace of the Federal Reserve’s policy plans. Those minutes left many uncertain as to policy makers’ strategy for reducing the Fed’s $4.5 billion in debt holdings, which has acted as support for the US economy. President Donald Trump said that he’s considering ‘some pretty severe things’ in response to North Korea’s ongoing efforts to develop nuclear weapons that can reach the US. Federal Reserve Board Vice Chair Stanley Fischer called on US government policymakers to do more to boost business investment, spur innovation, and train and educate workers to jumpstart a ‘dismal’ record of productivity growth. Fischer did not address the current state of the US economy or monetary policy, but focused instead on the importance of output per worker as a fundamental driver of economic growth and standards of living.

On the economy front, the trade deficit fell 2.3% in May, largely because of fewer imports of cellphones and other consumer goods, but the longer-run outlook for the US was still grim. The deficit slipped to $46.5 billion in May from $47.6 billion in April. Exports continued to improve as the US shipped $192 billion worth of goods and services to other countries, a 0.4% increase. Led by autos, exports hit the highest level in more than two years. Imports fell for the first time in four months, but barely so. They declined 0.1% to $238.5 billion. The US deficit is running about 13% higher through the first five months of 2017: $233.1 billion compared to $206 billion in the same period in 2016, the last year of the Obama White House.

Meanwhile, the number of Americans who applied for unemployment benefits rose slightly at the end of June but remained near the lowest level in years. Initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000. Initial claims count people who apply for benefits after losing their jobs. New applications for benefits have been under 300,000 for 122 straight weeks, the longest run since the early 1970s. The average of new claims over the past month, which gives a more accurate picture of layoff trends, was even lower. They rose by a scant 750 to 243,000. The number of people already collecting unemployment checks, known as continuing claims, totaled fewer than 2 million for the 12th straight week. Private-sector hiring slowed in June. Employers added a seasonally adjusted 153,000 jobs during the month. Small firms added 17,000 jobs, mid-sized firms added 91,000 and large companies added 50,000.

The Dow Jones Industrial Average lost 158.13 points or 0.74 percent to 21,320.04, Nasdaq dropped 61.4 points or 1.00 percent to 6,089.46, and S&P 500 edged lower by 22.79 points or 0.94 percent to 2,409.75.

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