NEW YORK: US stocks ended mixed on Thursday as markets reacted to a sweeping new round of tariffs imposed by US President Donald Trump on a broad range of US trade partners, reported Xinhua.
The Dow Jones Industrial Average declined by 224.48 points, or 0.51 per cent, closing at 43,968.64. The S&P 500 also edged lower, slipping 5.06 points, or 0.08 per cent, to settle at 6,340. In contrast, the tech-heavy Nasdaq Composite Index bucked the trend, rising 73.27 points, or 0.35 per cent, to finish the session at 21,242.7.
Out of the 11 major sectors in the S&P 500, six ended in positive territory. Utilities and consumer staples outperformed, climbing 1.05 per cent and 0.73 per cent, respectively, as investors rotated into more defensive areas of the market. On the downside, health care and financial sectors led the losses, dropping 1.15 per cent and 1.13 per cent.
On the economic front, data from the US Labour Department added to concerns about a softening job market. Initial jobless claims for the week ending Aug 2 rose to 226,000, an increase of 7,000 from the prior week and higher than the Dow Jones forecast of 221,000. In addition, long-term unemployment figures continued to tick upward, adding to investor unease.
Meanwhile, Trump’s sharply increased tariffs went into effect on Thursday, targeting imports from trading partners like India.
Among large-cap technology names, Apple stood out as the lone bright spot. Its shares jumped another 3.18 per cent on Thursday, building on a 5 per cent gain the previous day. Shares of Microsoft and Meta Platforms each dropped around 1 per cent, while Alphabet, Amazon and Tesla recorded modest gains. Chipmaker Broadcom was also up slightly, while Nvidia managed a fractional gain, though both stocks had given up much of their earlier advances. – BERNAMA-XINHUA
