Stocks finished lower Thursday. The Dow fell 76 points to 25656 while the S&P 500 lost 5 points to 2856. The Nasdaq Composite retreated 10 points to 7878.
U.S. equities declined as lingering trade concerns weighed on investor sentiment. In geopolitical news, both the U.S. and China began implementing a 25% duty on $16 billion worth of each other’s imports. On the data front, a reading from Markit revealed the pace of expansion in both the manufacturing and services sectors cooled in August from the prior month. Additional update today showed jobless claims unexpectedly decreased to 210,000 in the prior week. Separately, a survey showed new home sales declined to the lowest level in nine months in the month of July.
Industrials and Materials underperformed as Caterpillar fell 2.0% to $136.79 and DowDuPont dipped 1.0% to $68.11 in conjunction with rising trade concerns. The Energy group also provided a market headwind as a stronger dollar and lingering geopolitical issues are expected to negatively impact future demand. Technology was the lone outperformer, as Synopsys Inc. advanced 6.4% to $100.72 following a strong quarterly report and Advance Micro Devices climbed 6.7% to $22.29 after a positive analyst upgrade.
Breadth was negative on issues by 7:3 on the NYSE and 7:5 on the Nasdaq. Composite NYSE volume was more than 3.7 billion shares.
Treasuries were mixed with the yield on the benchmark 10-year note flat at 2.82%. In commodities, WTI crude was essentially unchanged at $67.87/barrel. COMEX gold lost 1.0% to $ 1184.90/ounce.