• The main US stock indexes completed the session in a negative territory

Market news

31 May 2017

The main US stock indexes completed the session in a negative territory

Major US stock indexes fell slightly as financial stocks fell in price as JPMorgan and Bank of America hinted at weak revenue in the current quarter.

The focus was also on the Fed's Beige Book. It reported that in some regions of the US there was a slowdown, and some companies have become less optimistic about their prospects. According to the Federal Reserve, the economic growth in 7 regions was modest, with moderate growth in 4 regions. The companies were still positive about their prospects, although some were less optimistic compared to the earlier period this year. The demand for labor in the regional labor markets continued to grow, and in most regions there was a shortage of workers in an increasingly wide range of occupations.

In addition, according to the National Association of Realtors, unfinished transactions for the sale of housing in April fell for the second month in a row and decreased compared to the previous year at the national level and in four main regions. The expected domestic sales (PHSI) index, the forecast figure based on the signing of the contract, in April fell by 1.3% to 109.8 from the revised level of 111.3 in March. In April, the index was 3.3% lower than last year, which is the first annual decline since December and the biggest decline since June 2014 (7.1%).

Oil prices fell by about 3% to a 3-week low, as news that oil production in Libya has recovered from technical problems has increased concerns that OPEC's efforts to cut production may be leveled by producers who do not participate in the Deal.

Components of the DOW index showed mixed dynamics (13 in negative territory, 17 in positive territory). Most fell shares of The Goldman Sachs Group, Inc. (GS, -3.46%). Leader of growth were the shares of Pfizer Inc. (PFE, + 1.63%).

The S & P indexes closed mixed. The sector of main materials fell most of all (-0.5%). The leader of growth was the healthcare sector (+ 0.5%).

At closing:

DJIA -0.09% 21,011.15 -18.32

Nasdaq -0.08% 6,198.52 -4.67

S & P -0.04% 2.411.93 -0.98

Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer
Open Demo Account & Personal Page
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.