Major US equity indices witnessed a weaker opening on Thursday
Major US equity indices witnessed a weaker opening on Thursday and retreated sharply from closer to record high levels. Weak earnings report from Macy’s and Snapchat weighed on investor sentiment and collaborated to negative trading sentiment during early hour of trade.
Meanwhile, market seems to have digested abrupt firing of FBI Director James Comey by the US President Donald Trump, which raised questions over his ability to push through pro-growth economic policies.
At the time of writing, the Dow Jones Industrial Average declined around 85-points to 20,858, while the broader S&P 500 Index was down almost13-points to 2,387. Meanwhile, tech-heavy Nasdaq Composite under performed the broader indices, primarily led by heavy losses in shares of Snapchat, and lost over 35-points to move back below 6,100 mark.
On the US economic data front, weekly initial jobless claims fell by 2,000 to 236K, while continuing claims dropped to their lowest level since November 1988. Meanwhile, US PPI rose at the fastest yearly pace since Feb. 2012 and supported market expectations for an eventual Fed rate-hike action in June.