US markets end mostly lower as investors look ahead to earnings

12 Apr 2019 Evaluate

The US markets ended mostly lower on Thursday as investors look ahead to the beginning of earnings season, which unofficially kicks off on Friday. Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report their quarterly results before the start of trading on Friday. Lingering uncertainty about the global economic outlook and a potential US-China trade deal also kept traders on the sidelines. Traders largely shrugged off a report from the Labor Department showing first-time claims for US unemployment benefits once again slid to their lowest level in nearly 50 years in the week ended April 6. The report said initial jobless claims fell to 196,000, a decrease of 8,000 from the previous week's revised level of 204,000. The continued drop surprised participants, who had expected jobless claims to rise to 211,000 from the 202,000 originally reported for the previous week. With the unexpected decrease, initial jobless claims fell to their lowest level since hitting 193,000 in October of 1969.

The Labor Department said the less volatile four-week moving average also dipped to 207,000 from the previous week's revised average of 214,000, hitting its lowest level since December of 1969. Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also decreased by 13,000 to 1.713 million in the week ended March 30. The four-week moving average subsequently dropped to 1,734,500, a decrease of 11,000 from the previous week's revised average of 1,745,500. Meanwhile, A report released by the Labor Department showed a spike in energy prices contributed to a bigger than expected increase in US producer prices in the month of March. The Labor Department said is producer price index for final demand climbed by 0.6% in March after inching up by 0.1% in February. Street had expected prices to rise by 0.3%. Core producer prices, which exclude food and energy prices, also rose by 0.3% in March following a 0.1% uptick in February. Core prices had been expected to edge up by 0.2%.

Dow Jones Industrial Average declined 14.11 points or 0.05 percent to 26143.05 and Nasdaq lost 16.89 points or 0.21 percent to 7947.36, while S&P 500 was up by 0.11 points to 2888.32.

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