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  3. US markets end mostly lower on Thursday

US markets end mostly lower on Thursday

12 May 2023 Evaluate

The US markets trimmed some of their initial losses and ended mostly lower on Thursday, while the tech-heavy Nasdaq reached positive territory. The Dow closed lower for the fourth consecutive session, with a steep drop by shares of Disney (DIS) weighing on the blue chip index. Disney plunged by 8.7 percent to a four-month closing low after the entertainment giant reported fiscal second quarter earnings and revenue roughly in line with estimates but a decrease in streaming subscribers. Renewed concerns about turmoil in the banking sector also weighed on Wall Street amid a nosedive by shares of PacWest Bancorp (PACW). PacWest Bancorp plummeted by 22.7 percent after the regional bank revealed in a SEC filing that deposits slumped by 9.5 percent last week.

Meanwhile, the Nasdaq may have benefited from easing concerns about the outlook for interest rates following the release of the Labor Department's report on producer price inflation in the month of April. The Labor Department said its producer price index for final demand inched up by 0.2 percent in April after falling by a revised 0.4 percent in March. Street had expected producer prices to rise by 0.3 percent compared to the 0.5 percent drop originally reported for the previous month. The report also showed the annual rate of producer price growth slowed to 2.3 percent in April from 2.7 percent in March. The pace of growth was expected to slow to 2.4 percent. A separate Labor Department report showed initial jobless claims climbed to their highest level in well over a year in the week ended May 6th. The report said initial jobless claims rose to 264,000, an increase of 22,000 from the previous week's unrevised level of 242,000. 

Dow Jones Industrial Average fell 221.82 points or 0.66 percent to 33,309.51 and S&P 500 was down by 7.02 points or 0.17 percent to 4,130.62, while Nasdaq added 22.06 points or 0.18 percent to 12,328.51.

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