US markets end marginally higher on Thursday

31 May 2019 Evaluate

The US markets ended marginally higher on Thursday on account of bargain hunting following recent weakness. Some support also came in as bond yields halted their slide, giving the market a reprieve from selling sparked by continued US-China trade tensions and worries about global economic growth. However, upside remained capped as traders seemed reluctant to get back into the markets due to lingering concerns about the US-China trade dispute. Amid a continued escalation of the rhetoric, Chinese Vice Foreign Minister Zhang Hanhui accused the US of economic terrorism by raising tariffs on Chinese goods. Zhang said ‘we oppose a trade war but are not afraid of a trade war’. This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying. A private report indicated that China has put purchases of US soybeans on hold has added to concerns about a trade war.

On the economic front, US economic growth in the first quarter accelerated by slightly less than initially estimated, according to revised data released by the Commerce Department. The Commerce Department said real gross domestic product surged up by 3.1% in the first quarter, reflecting a slight downward from revision from the previously reported 3.2% jump. The downwardly revised increase in GDP, which matched street estimates, still represented a notable acceleration from the 2.2% growth seen in the fourth quarter of 2018. The slightly slower than previously estimated GDP growth reflected downward revisions to non-residential fixed investment and private inventory investment and an upward revision to imports, which are a subtraction in the calculation of GDP. Meanwhile, a report released by the Labor Department showed a modest uptick in first-time claims for US unemployment benefits in the week ended May 25. The report said initial jobless claims edged up to 215,000, an increase of 3,000 from the previous week's revised level of 212,000. Street had expected jobless claims to inch up to 215,000 from the 211,000 originally reported for the previous week.

Dow Jones Industrial Average rose 43.47 points or 0.17 percent to 25169.88, Nasdaq gained 20.41 points or 0.27 percent to 7567.72 and S&P 500 was up by 5.84 points or 0.21 percent to 2788.86.

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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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