U.S. stocks traded on a relatively downbeat note in the past week as trade tensions between the United States and its major trade partners lingered, weighing on the market.
All three major indices reported negative results, with the Dow, the S&P 500 and the Nasdaq declined 2.03 percent, 0.88 percent and 0.69 percent, respectively.
The energy shares rallied on Friday amid the OPEC (Organization of the Petroleum Exporting Countries) meeting, somewhat bolstering the week-long weak market.
OPEC and its allied oil producers including Russia met on June 22 in Vienna for a two-day meeting. Saudi Arabia said the group had agreed on a nominal output rise of around 1 million barrels per day, according to Reuters.
The Dow Jones Industrial Average rose 119.19 points to 24,580.89 on Friday underpinned by the advances of Chevron and Exxon Mobil. Friday’s close marked the first gain for the blue-chip index in nine sessions, ending its longest losing streak since March 2017. The S&P 500 and the Nasdaq Composite also struggled for gains during the week.
Investors continued to worry about trade tensions between the world’s largest economy and its key trading partners while recognizing that economic fundamentals remain strong, analysts noted.
Stocks of Boeing and Caterpillar experienced a turbulent week. Shares of both companies suffered consecutive losses earlier the week and closed modestly higher on Friday. The two stocks are sensitive to trade tensions since they have a large portion of overseas business.
The Wall Street also paid close attention to a slew of economic data.
U.S. manufacturing PMI registered at 54.6 in June, down from 56.4 in May, while services PMI stood at 56.5, slightly down from 56.8 in May, according to statistics from data provider Markit on Friday.
The Philadelphia Fed’s manufacturing index decreased about 15 points to a reading of 19.9 in June from 34.4 in May, lower than market estimates of 28, according to its latest report.
Meanwhile, in the week ending June 16, the initial jobless claims was 218,000, lower than the market forecast of 220,000. The reading showed a decrease of 3,000 from the previous week’s revised level, the U.S. Labor Department reported on Thursday.
On other economic news, the total existing-home sales decreased 0.4 percent to a seasonally adjusted annual rate of 5.43 million in May from downwardly revised 5.45 million in April. It was the second straight monthly decline in sales, according to the latest figures from the U.S. National Association of Realtors.
The U.S. National Association of Home Builders’ (NAHB) monthly confidence index fell two points to 68 in June, lower than the market forecast of 70, the association reported on Monday.
The NAHB index rates the relative level of current and future single-family home sales. A reading above 50 indicates a favorable outlook on home sales while below indicates a negative outlook.
Xinhua