landsberg bennettInvestment and Insurance Products: NOT FDIC Insured, NO Bank Guarantee, MAY Lose Value

Stocks finished lower Thursday. The Dow fell 137 points to 25986, while the S&P 500 slipped 12 points to 2901. The Nasdaq Composite lost 21 points to 8088.

The major averages retreated as lingering trade tensions weighed on sentiment. President Trump reportedly plans to impose additional tariffs on $200 billion of Chinese goods as early as next week. On the data front, the core PCE deflator increased 2.0% year-over-year in July, reaching the Fed’s inflation target for the first time since 2012. Personal income and personal spending advanced in July, while initial jobless claims edged higher to 213,000 in the most recent week.

Ten of 11 S&P 500 sectors closed in negative territory with Materials and Industrials leading decliners. DowDuPont dipped 1.2% to $70.20, while Caterpillar dropped 2.0% to $139.06 amid the trade rhetoric. In earnings, Dollar Tree fell 15.5% to $79.78 despite topping analyst same-store-sales estimates. Signet Jewelers surged 23.8% to $67.68 after besting consensus expectations. Electronic Arts declined 9.9% to $115.73 after the videogame developer downwardly revised its net bookings forecast. Meanwhile, Apple gained 0.9% to $225.03 following positive comments from Warren Buffett.

Breadth was negative on issues by 3:1 on the NYSE and by 5:4 on the Nasdaq. Composite NYSE volume was more than 3.9 billion shares.

Treasuries advanced with the yield on the 10-year note down two basis points to 2.86%. In commodities, WTI crude climbed 0.9% to $70.10/barrel, touching its best level in six weeks during the session amid supply worries. COMEX gold was down 0.4% to $1201.60/ounce amid a stronger dollar.