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08/24/2016

Stocks edge lower as mining and materials companies slip

This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Stocks are opening slightly lower on Wall Street early Wednesday, Aug. 24, 2016, as the market gives back a modest gain from the day before.

This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. Stocks are opening slightly lower on Wall Street early Wednesday, Aug. 24, 2016, as the market gives back a modest gain from the day before.

 

Stocks are edging lower in midday trading on Wall Street on Wednesday, led by drops in mining and materials companies, giving back a modest increase from the day before. The declines were light but broad as the market continues a late-summer pattern of drifting between small gains and losses.

 

KEEPING SCORE: The Dow Jones industrial average lost 47 points, or 0.3 per cent, to 18,499 as of 12:05 p.m. Eastern. The Standard & Poor's 500 index fell six points, or 0.3 per cent, to 2,181 and the Nasdaq composite was down 10 points, or 0.2 per cent, to 5,250.

 

MINING TROUBLES: Metals and mining stocks took hefty losses following disappointing results from the European mining giant Glencore. The company reported a loss and continues to sell off billions in assets to pay down its massive debt load. Freeport-McMoRan slumped 63 cents, or 5 per cent, to $11.34 and Newmont Mining was down $1.81, or 4 per cent, at $41.34.

 

ON SALE: Young adult clothing retailer Express plunged $4.01, or 25 per cent, to $12.03 after the company slashed its full-year forecast and said same-store sales and traffic were down year over year.

 

TAXED: Intuit, which makes TurboTax and QuickBooks software, fell $4.07, or 3.5 per cent, to $109.79 after the company's full-year forecasts came in below analysts' estimates.

 

QUIET: Stocks remain in slow, narrow trading as they have all week and the last two weeks. Many traders are on vacation and with the lack of economic data and company news being released, investors are hesitant to move any large positions one way or another.

 

FED WATCH: Investors are awaiting a speech Friday by Fed Chair Janet Yellen at an annual conference of central bankers in Jackson Hole, Wyoming. The Fed is expected to hold off on raising interest rates at its September meeting, but Yellen's comments will be dissected for clues on the likelihood and timing of a future hike.

 

ENERGY: Benchmark crude oil fell $1.43 to $46.67 a barrel while Brent crude, which is used to price oil internationally, fell 88 cents to $49.09 a barrel. The drop in crude prices did not impact energy stocks, with the energy component of the S&P 500 effectively unchanged.

 

BONDS AND CURRENCIES: The yield on the benchmark U.S. 10-year Treasury note was unchanged from the day before at 1.55 per cent. The dollar rose to 100.48 yen from 100.22 yen, while the euro fell to $1.1261 from $1.1305.



    Editor:Albert | Source: The Associated Press


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