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  3. US markets end lower on Wednesday

US markets end lower on Wednesday

18 Nov 2021 Evaluate

The US markets ended lower on Wednesday as traders expressed some uncertainty about the near-term outlook for the markets following recent volatility. Traders showed a mixed reaction to earnings news from retail giants Target (TGT) and Lowe’s (LOW). Shares of Target moved sharply lower even though the retailer reported third quarter results that beat expectations on both the top and bottom lines. However, shares of Lowe’s (LOW) closed modestly higher after the home improvement retailer reported better than expected third quarter results and raised its full-year revenue guidance. On the sectoral front, significant weakness emerged among steel stocks, as reflected by the 1.9 percent drop by the NYSE Arca Steel Index. The index slid to an eight-month closing low. Brokerage, transportation and natural gas stocks also saw considerable weakness on the day, while some strength was visible among housing and gold stocks.

On the economic data front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of October, although the report also showed a bigger than expected spike in building permits. The report showed housing starts slid by 0.7 percent to an annual rate of 1.520 million in October after tumbling by 2.7 percent to a revised rate of 1.530 million in September. The continued decline came as a surprise to participants, who had expected housing starts to jump by 1.6 percent to an annual rate of 1.580 million from the 1.555 million originally reported for the previous month. Meanwhile, the Commerce Department said building permits surged up by 4.0 percent to an annual rate of 1.650 million in October after plummeting by 7.8 percent to a revised rate of 1.586 million in September.

Dow Jones Industrial Average fell 211.17 points or 0.58 percent to 35,931.05, Nasdaq dropped 52.28 points or 0.33 percent to 15,921.57 and S&P 500 was down by 12.23 points or 0.26 to 4,688.67.

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