{"id":112459,"date":"2017-09-08T07:35:20","date_gmt":"2017-09-08T11:35:20","guid":{"rendered":"http:\/\/countingpips.com\/?p=112459"},"modified":"2017-09-08T06:56:20","modified_gmt":"2017-09-08T10:56:20","slug":"us-stocks-slip-as-investors-assess-hurricane-damage","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/us-stocks-slip-as-investors-assess-hurricane-damage\/","title":{"rendered":"US stocks slip as investors assess hurricane damage"},"content":{"rendered":"
September 8, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Energy stocks lead US equities higher<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0retreated on Thursday led by telecommunications stocks, financials and consumer discretionary sectors. The dollar fell on the back of sharp euro rise as the European Central Bank left policy unchanged: 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, fell 0.8% to 91.523.\u00a0Dow Jones\u00a0<\/em>industrial average lost 0.1% closing at 21784.78 with shares of Walt Disney and Goldman Sachs the biggest decliners. The\u00a0S&P 500\u00a0<\/em>slipped 0.1% settling at 2465.10. The\u00a0Nasdaq\u00a0<\/a>index managed to gain 0.1% closing at 6397.37.<\/p>\n

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The confirmation of his support for another rate hike this year by New York Fed President William Dudley did little to support the dollar and Treasury yields. Dudley mentioned easier financial conditions and higher expected inflation as recent weakness in the dollar should lead to firmer prices on imported goods among the reasons for need to continue rate hikes. He also supported the decision to start shrinking Federal Reserve\u2019s $4.5 trillion balance sheet. Cleveland Fed President Loretta Mester, a non voting member of Fed\u2019s policy committee, said she backs a gradual increase of interest rates too.<\/p>\n

\"DJI<\/p>\n<\/div>\n<\/div>\n

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Growth upgrade supports European indices<\/h2>\n<\/div>\n<\/div>\n

European stock indices\u00a0<\/b>advanced on Thursday on stronger euro-zone growth report. Euro-zone economy expanded 2.6% in the second quarter, up from the 2.5% rate of growth Eurostat estimated earlier. Both\u00a0euro\u00a0<\/em>and < em> British Pound extended gains against the dollar. The Stoxx Europe 600 closed 0.3% higher. Germany\u2019s\u00a0DAX 30\u00a0<\/a>outperformed gaining 0.7% to 12296.63. France\u2019s\u00a0CAC 40<\/em>\u00a0added 0.3% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>rose 0.3% to 7396.98. Indices opened 0.3% – 0.4% lower today.<\/p>\n

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

Asian stock indices<\/b>\u00a0are mostly lower today with investors refraining from big bets ahead of North Korea holiday on Saturday. Many traders expect Pyongyang may launch another missile on Founder\u2019s Day anniversary.\u00a0Nikkei\u00a0<\/em>fell 0.6% to 19274.82 as yen hit 10-month high against the dollar. Markets shrugged off the report Japan\u2019s Q2 GDP was downgrade to an annualized rate of 2.5% from an initial estimate of 4.0%. Chinese stocks are mixed: the\u00a0Shanghai Composite Index\u00a0<\/em>is little changed while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 0.4% higher. Australia\u2019s All Ordinaries Index is 0.3% lower as the Australian dollar continues the rally against the greenback.<\/p>\n

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

Oil futures prices\u00a0<\/b>are inching higher as Hurricane Irma is heading for Florida. Market participants are concerned the damage from Hurricane Harvey was bigger than expected. Prices rose yesterday despite a US official report domestic crude inventories climbed 4.6 million barrels last week. Brent for November settlement rose 0.5% to end the session at $54.49 a barrel on the London-based ICE Futures exchange on Thursday.<\/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 Energy stocks lead US equities higher US stocks\u00a0retreated on Thursday led by telecommunications stocks, financials and consumer discretionary sectors. The dollar fell on the back of sharp euro rise as the European Central Bank left policy unchanged: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against […]<\/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-112459","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112459","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=112459"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112459\/revisions"}],"predecessor-version":[{"id":112468,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112459\/revisions\/112468"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=112459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=112459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=112459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}