- The major Wall Street indices are trading in negative territory.
- Upbeat US data failed to boost market sentiment.
- Energy stocks remain defensive despite modest oil recovery.
After posting impressive earnings on Wednesday, the main US stock indices they opened in negative territory on Thursday. At time of writing, the Dow Jones Industrial Average was down 0.45% on the day to 33,976, the S&P 500 was losing 0.32% to 4,160, and the Nasdaq Composite was down 0.33% to 13,890.
Earlier in the day, US data showed that initial weekly jobless claims decreased to 547,000 in the week ending April 17 and were better than market expectations of 617,000. Additionally, the Federal Reserve Bank of Chicago’s national activity index improved to 1.71 in March. However, these upbeat figures failed to trigger a positive shift in market sentiment.
All 11 major sectors of the S&P 500 press lower after the opening bell. At the moment, the energy index and the materials index lose around 1%. Market participants largely ignore a modest 0.4% recovery seen in US crude prices.
S&P 500 chart (daily)
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
