{"id":111170,"date":"2017-08-18T07:40:42","date_gmt":"2017-08-18T11:40:42","guid":{"rendered":"http:\/\/countingpips.com\/?p=111170"},"modified":"2017-08-18T07:05:39","modified_gmt":"2017-08-18T11:05:39","slug":"us-stocks-fall-led-by-technology-shares","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/us-stocks-fall-led-by-technology-shares\/","title":{"rendered":"US stocks fall led by technology shares"},"content":{"rendered":"
August 18, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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All three major US stock indices fall more than one percent<\/h2>\n<\/div>\n<\/div>\n

US stocks\u00a0<\/b>retreated on Thursday as investor confidence was undermined by concerns about President Donald Trump’s ability to push pro-growth reforms and news of a terrorist attack in Barcelona. The dollar inched higher: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.2% to 93.676.\u00a0Dow Jones\u00a0<\/em>industrial average lost 1.2% closing at 21750.73 dragged by 4% drop in Cisco as the networking hardware company lowered its guidance for next quarters. The\u00a0S&P 500\u00a0<\/em>fell 1.5% settling at 2430.01 led by technology stocks, down 2%. The\u00a0Nasdaq\u00a0<\/a>index dropped 1.9% to 6221.91.<\/p>\n

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Questions about President Trump’s ability to secure sufficient support for pushing pro-growth reforms like tax cuts and infrastructure spending programs after prominent business executives\u2019 criticism of his reaction to a white-supremacist rally added to concerns about high stock valuations. Economic data were mixed: initial jobless claims and the Philadelphia Fed Index came in better than expected, while industrial production data missed expectations. Industrial production grew 0.2% on the month in July, below expectations of a 0.3% increase.<\/p>\n<\/div>\n<\/div>\n

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Bank stocks lead European markets lower<\/h2>\n<\/div>\n<\/div>\n

European stock indices\u00a0<\/b>ended lower on Thursday snapping a three day winning streak dragged lower by bank shares. Both\u00a0euro\u00a0<\/em>andBritish Pound\u00a0<\/em>extended losses against the dollar. The Stoxx Europe 600 closed 0.6% lower. Germany\u2019s\u00a0DAX 30\u00a0<\/a>lost 0.5% closing at 12203.46. France\u2019s\u00a0CAC 40<\/em>\u00a0fell 0.6% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>ended 0.6% lower at 7387.87. Indices opened 0.7% – 1% lower today.<\/p>\n

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Bank shares fell after Fed minutes showed central bank officials were concerned about recent slowing of inflation, raising the likelihood the Fed may not hike interest rates again this year. This lowers the earnings outlook for many euro-zone banks which have operations in the US and lower interest rates negatively affect their net interest margins. The euro fell after European Central Bank July meeting minutes showed policy makers decided not to make even a slight change to forward guidance as they believe inflation is still considerably low from central bank\u2019s target 2% rate. The July headline inflation came in unchanged at 1.3%.<\/p>\n<\/div>\n<\/div>\n

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Asian markets down<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly lower today.\u00a0Nikkei\u00a0<\/em>lost 1.2% to 19470.41 as yen continued the rise against the dollar. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is up less than 0.1% as data showed growth in new home prices slowed in July, Hong Kong\u2019sHang Seng Index\u00a0<\/em>is 0.7% lower. Australia\u2019s All Ordinaries Index is down 0.5% as the Australian dollar resumed the rise against the greenback..<\/p>\n

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Oil advances<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are extending previous day\u2019s gains. Prices ended higher on Thursday as attention shifted to biggest weekly drop in US crude oil inventories in 11 months despite domestic output hitting the highest level in more than two years. Brent for October settlement rose 1.5% to end the session at $51.03 a barrel on the London-based ICE Futures exchange.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets All three major US stock indices fall more than one percent US stocks\u00a0retreated on Thursday as investor confidence was undermined by concerns about President Donald Trump’s ability to push pro-growth reforms and news of a terrorist attack in Barcelona. The dollar inched higher: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-111170","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=111170"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111170\/revisions"}],"predecessor-version":[{"id":111180,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111170\/revisions\/111180"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=111170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=111170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=111170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}