The US markets ended lower on Thursday on renewed political uncertainty following the release of the whistleblower complaint that sparked the impeachment inquiry into President Donald Trump. The document outlines concerns about Trump using the power of his office to solicit interference from a foreign country in the 2020 US election. This interference includes, among other things, pressuring a foreign country to investigate one of the President's main domestic political rivals, the complaint reads. The complaint relates to Trump's calls on Ukrainian President Volodymyr Zelensky to conduct an investigation of former Vice President Joe Biden, the frontrunner for the Democratic presidential nomination. Besides, weakness on the markets also came following a report that Washington was unlikely to extend a waiver that allows U.S. firms to supply equipment to China telecom equipment firm Huawei.
On the economic front, the Commerce Department released its final report on US gross domestic product in the second quarter, showing the pace of GDP growth was unrevised from the previous estimate. The report said real GDP increased at an annual rate of 2.0 percent in the second quarter, unchanged from the previous estimate and in line with street estimates. The unrevised 2.0 percent GDP growth in the second quarter still reflects a notable slowdown compared to the 3.1 percent jump in the first quarter. Meanwhile, a separate report from the National Association of Realtors showed a much bigger than expected rebound in pending home sales in the month of August. NAR said its pending home sales index surged up by 1.6 percent to 107.3 in August after plunging by 2.5 percent to 105.6 in July. Street had expected pending home sales to climb by 0.9 percent.
Dow Jones Industrial Average dropped 79.59 points or 0.30 percent to 26891.12, Nasdaq declined 46.72 points or 0.58 percent to 8030.66 and S&P 500 was down by 7.25 points or 0.24 percent to 2977.62.
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