US stocks open down on profit-taking after a four-day positive trend

Wall Street is trading down on Thursday as investors are taking a breath following a four-day winning streak and record highs on Nasdaq and the S&P. The market is also watching the Canada-United States agreement deadline closely.

S&P 500 daily chart August 30

S&P 500 daily chart August 30

Also, the United States reported personal outlays for August in line with expectations. As reported earlier, “core personal consumption expenditures, price index, rose to a 2.0% YoY growth in July, in line with expectations. Personal income rose 0.3%, while personal spending rose 0.4% in July.”

Finally, US president Donald Trump promised “more good news” following rallies in stocks. In a tweet, Trump wrote “The news from the Financial Markets is even better than anticipated. For all of you that have made a fortune in the markets, or seen your 401k’s rise beyond your wildest expectations, more good news is coming!”

Back to stocks, The Dow Jones Industrial Average is ending is 4-day winning streak with a 0.27% decline to 26,052.90, 71.67 points down on the day. During the last five trading days, the DJIA has gained 1.55%.

The S&P 500 is 0.17% or 4.89 points down on the day at 2,909.15. The index is 1.8% negative in the last five days. The NASDAQ Composite is 0.14% or 11.63 points negative so far on Thursday at 8,098.05.

Most of the sectors are lower today as investors sentiment is weak, pushing indexes down too. The worse performers of the day are the telecommunication services, down 0.77%, materials, 0.55% negative, and financials, which is posting a 0.34% drop on Thursday.

Winners are health care, 0.22% positive, information technology, 0.12% up, and utilities, which is also 0.12% green on the day.

Latest News