US markets closed mostly lower; Nasdaq reports minor gains

08 Sep 2017 Evaluate

The US markets closed mostly lower on Thursday, as investors sold financials, consumer-discretionary and telecommunication shares, with Disney and Goldman Sachs exacting a hefty toll on the Dow industrials. Investors were tracking Hurricane Irma and registering the latest policy stance from European Central Bank President Mario Draghi’s. Hurricane Irma comes just two weeks after Hurricane Harvey hit the Texas and Louisiana Gulf Coast, where damages are estimated to be up to $190 billion. Earlier in the day, Trump and Senate Minority Leader Chuck Schumer reportedly agreed to pursue a deal that would remove the need for Congress to repeatedly raise the US debt ceiling. The political machinations may leave investors wondering about the prospect of key legislative policies becoming a reality, including tax reform, which some have credited with lifting equities. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is on track to grow at a 2.9 percent annualized pace in the third quarter based on the latest data on vehicle sales and trade balance. The latest third-quarter gross domestic product estimate was below the 3.2 percent growth rate calculated on Friday.

On the economy front, initial jobless claims in the period running from August 27 to September 2 surged by 62,000 and stood at 298,000, reaching the highest level since spring 2015. New claims count people who apply for unemployment benefits after losing their jobs. Many businesses were closed after Harvey flooded Houston and lots of people couldn’t get to work, making them eligible for temporary financial help. The increase in new claims was the largest since November 2012 in the wake of Hurricane Sandy. In Texas, where most of the damage occurred, unadjusted claims rose fivefold to nearly 64,000. The average of new claims over the past month, which gives a more stable picture of layoff trends, rose by 13,500 to 250,250. Meanwhile, the number of people already collecting unemployment checks, known as continuing claims, fell by 5,000 to 1.94 million in late August.

The Dow Jones Industrial Average lost 22.86 points or 0.10 percent to 21,784.78, the S&P 500 edged lower by 0.44 points or 0.02 percent to 2,465.10, while the Nasdaq gained 4.56 points or 0.07 percent to 6,397.87.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Investing in stocks, mutual funds, debt, and gold
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A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
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