Portfolio

US close: Shares end mixed on China trade war fears; weaker dollar

By Frank Prenesti

Date: Wednesday 24 Jan 2018

(ShareCast News) - US shares ended Wednesday on a mixed note as the Dow finished at record levels but the Nasdaq fell due to weak tech stocks. Worries over trade tensions with China and Treasury Secretary Steve Mnuchin's talking down of the dollar also contributed.
The Dow Jones Industrial Average was up 41 points at 26,252. The S&P 500 index fell 1.590 to 2,837 and the Nasdaq was 45 points lower at 7,415.

In currency markets, the dollar tumbled against the pound, extending its slide as sterling hit a post-Brexit high against the US currency following the release of solid UK employment data.

The greenback was also being dragged lower by comments from Treasury Secretary Mnuchin, who said at a news conference in Davos that a weaker dollar is good for the country's economy "as it relates to trade and opportunities".

The US currency also suffered losses against the euro, which rose to three-year high as IHS Markit's composite flash purchasing managers' index for the eurozone rose to 58.6 in January, marking highest level since June 2006.

President Trump's decision Monday to impose tariffs on imports of solar panels and washing machines and China's less than enthusiastic response to the development unsettled investors.

In corporate news, Comcast and United Technologies advanced after their quarterly earnings beat expectations.

Whirlpool shares rose, despite the home appliance maker reporting fourth-quarter net losses of $268m or $3.69 a share, compared with net earnings of $180m a year earlier.

Ford Motor Co shares followed suit, after the car maker said forex headwinds and higher commodity prices contributed to a lower-than-expected quarterly net profit, adding that things would not improve in 2018 as raw material costs rose.

General Dynamics rallied after a fourth-quarter earnings beat, even as revenue missed expectations, while shares in Royal Caribbeancruised higher after the company reported a 10% jump in quarterly profit.

On the downside, United Continental tumbled after its fourth-quarter earnings release late on Tuesday.

Qualcomm nudged down as the European Commission slapped a €997m fine on the chip maker, saying it paid billions of dollars to Apple, a key customer, so that it would not buy from rivals.

Texas Instruments tumbled after it posted the slowest revenue growth in four quarters on softer demand for its chips used in communications equipment.

General Electric was also weaker as its fourth-quarter earnings fell short of expectations at the top and bottom line and the company revealed an investigation by the Securities and Exchange Commission into a multibillion-dollar charge at its insurance business.

Rockwell Automation was on the back foot after it posted a fiscal first-quarter loss of $236.4m.

Puma Biotechnology nosedived after a European regulatory panel signalled on Tuesday that it was unlikely to give a positive opinion on the company's breast cancer drug.



Dow Jones - Risers

Travelers Company Inc. (TRV) $147.71 5.93%
Nike Inc. (NKE) $68.00 2.43%
Goldman Sachs Group Inc. (GS) $265.66 2.15%
Verizon Communications Inc. (VZ) $54.22 1.42%
American Express Co. (AXP) $99.31 1.35%
JP Morgan Chase & Co. (JPM) $115.69 1.17%
Coca-Cola Co. (KO) $47.82 0.95%
Home Depot Inc. (HD) $206.22 0.64%
Unitedhealth Group Inc. (UNH) $245.02 0.53%
Exxon Mobil Corp. (XOM) $88.55 0.34%

Dow Jones - Fallers

Johnson & Johnson (JNJ) $141.98 -4.10%
Procter & Gamble Co. (PG) $88.32 -3.88%
General Electric Co. (GE) $16.46 -2.66%
Apple Inc. (AAPL) $174.22 -1.59%
Intel Corp. (INTC) $45.51 -1.19%
Caterpillar Inc. (CAT) $170.09 -0.64%
International Business Machines Corp. (IBM) $165.37 -0.53%
Boeing Co. (BA) $334.60 -0.27%
Dowdupont Inc. (DWDP) $76.01 -0.17%
Merck & Co. Inc. (MRK) $61.18 -0.11%

S&P 500 - Risers

W.W. Grainger Inc. (GWW) $271.97 18.53%
Navient Corporation (NAVI) $14.51 7.96%
Whirlpool Corp. (WHR) $179.65 7.80%
Travelers Company Inc. (TRV) $147.71 5.93%
Gen Dynamics Corp. (GD) $218.95 5.68%
Newmont Mining Corp. (NEM) $41.58 4.84%
Fastenal Co. (FAST) $56.86 4.50%
Weyerhaeuser Co. (WY) $37.60 4.50%
Netflix Inc. (NFLX) $261.30 4.40%
Total System Services Inc. (TSS) $87.35 4.30%

S&P 500 - Fallers

United Continental Holdings Inc. (UAL) $69.05 -10.16%
Texas Instruments Inc (TXN) $109.70 -8.50%
SCANA Corp. (SCG) $40.67 -6.20%
American Airlines Group (AAL) $54.79 -6.00%
Delta Airlines Inc. (DAL) $56.80 -5.22%
Progressive Corp. (PGR) $55.32 -4.98%
Nordstrom Inc. (JWN) $50.69 -4.17%
Johnson & Johnson (JNJ) $141.98 -4.10%
Southwest Airlines Co. (LUV) $62.24 -4.08%
Procter & Gamble Co. (PG) $88.32 -3.88%

Nasdaq 100 - Risers

Fastenal Co. (FAST) $56.86 4.50%
Netflix Inc. (NFLX) $261.30 4.40%
JD.com, Inc. (JD) $46.74 3.45%
Dish Network Corp. (DISH) $47.73 3.02%
Wynn Resorts Ltd. (WYNN) $200.58 2.89%
Charter Communications Inc. (CHTR) $376.18 1.88%
O'Reilly Automotive Inc. (ORLY) $275.93 1.74%
Henry Schein Inc. (HSIC) $77.41 1.45%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $59.87 1.34%
Twenty-First Century Fox Inc Class A (FOXA) $38.00 1.31%

Nasdaq 100 - Fallers

Texas Instruments Inc (TXN) $109.70 -8.50%
American Airlines Group (AAL) $54.79 -6.00%
Microchip Technology Inc. (MCHP) $95.36 -3.21%
NetEase Inc. Ads (NTES) $324.63 -2.97%
Maxim Integrated Products Inc. (MXIM) $56.35 -2.84%
Paychex Inc. (PAYX) $68.02 -2.81%
Xilinx Inc. (XLNX) $73.48 -2.73%
Electronic Arts Inc. (EA) $114.66 -2.56%
Lam Research Corp. (LRCX) $209.73 -2.48%
Broadcom Limited (AVGO) $256.86 -2.30%

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