US markets end lower on Thursday

26 Jul 2019 Evaluate

The US markets ended lower on Thursday after a series of mostly disappointing earnings reports and fears that the Federal Reserve may be less aggressive than hoped in cutting interest rates next week after the European Central Bank’s policy decision. The European Central Bank (ECB) initially generated some positive sentiment by leaving interest rates unchanged but signaling a future rate cut. The ECB said the bank expects rates to remain at present or lower levels at least through the first half of 2020 after previously saying it only expected rates to remain at present levels. Besides, technology-related stocks were under pressure after electric-car maker Tesla failed to meet earnings expectations. Tesla shares fell 13.6% on Thursday, after the Silicon Valley car maker reported second-quarter results that missed street expectations. It lost $408 million, or $2.31 a share, compared with a loss of $718 million, or $4.22 a share, in the year-ago quarter. Sales rose to $6.3 billion, compared with $4 billion a year ago.

On the economic front, a report released by the Commerce Department showed a much stronger than expected rebound in new orders for US manufactured durable goods in the month of June, although the report also showed a much steeper than previously reported drop in orders in May. The Commerce Department said durable goods orders spiked by 2.0% in June after plunging by a revised 2.3% in May. Street had expected durable goods to climb by 0.7% compared to the 1.3% slump originally reported for the previous month. Meanwhile, after reporting an uptick in first-time claims for US unemployment benefits in the previous week, the Labor Department released a showing an unexpected pullback in initial jobless claims in the week ended July 20. The report said initial jobless claims fell to 206,000, a decrease of 10,000 from the previous week's unrevised level of 216,000. The drop surprised market participants, who had expected jobless claims to inch up to 219,000.

Dow Jones Industrial Average dropped 128.99 points or 0.47 percent to 27140.98, Nasdaq declined 82.96 points or 1.00 percent to 8238.54 and S&P 500 was down by 15.89 points or 0.53 percent to 3003.67.

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