INSUBCONTINENT EXCLUSIVE:
The benchmark SP 500 edged higher on Thursday as technology stocks rose, though gains were restricted by declines in commodity-related
stocks and trade-sensitive sectors after new tariffs took effect in the United States -China trade war.
In their latest back-and-forth, the
United States and China imposed fresh tariffs on $16 billion worth of each other's goods, despite ongoing trade talks between the
countries.
The trade-sensitive SP industrials sector dipped 0.16 percent, weighing on the Dow Jones Industrial Average
The technology index rose 0.64 percent, bolstering the SP 500 and the Nasdaq Composite.
The energy index fell 0.68 percent and the materials
index dropped 0.61 percent as prices of crude oil and metals declined with the escalation in Sino-United States trade dispute and the
dollar strengthened on expectations of higher United States interest rates soon.
Federal Reserve Chair Jerome Powell's speech at the
Jackson Hole central bankers' symposium on Friday will be keenly watched for clues on future rate hikes.
"The main thing on our radar right
now is the two-day Jackson Hole symposium and investors are waiting on Powell's speech to figure out what kind of hike path the Fed is
on," said Michael Antonelli, managing director, institutional sales trading at Robert W
Baird in Milwaukee.
"Political headlines in the past few days have had very little impact on people's thoughts around the
markets."
Financial stocks were down 0.25 percent, as the two-day Jackson Hole meet kicks off on Thursday.
At 9:57 a.m
EDT, the Dow Jones Industrial Average was down 11.11 points, or 0.04 percent, at 25,722.49, the SP 500 was up 2.75 points, or 0.10 percent,
at 2,864.57 and the Nasdaq Composite was up 28.18 points, or 0.36 percent, at 7,917.27.
Data showed the number of Americans filing for
unemployment benefits fell last week, a sign the labor market was holding firm despite trade tensions that have spawned restrictions on
global commerce.
But United States meat producers have said increase in Chinese tariffs on beef and pork have led to domestic oversupply
and forced price cuts for competing meat such as chicken.
Shares of Hormel Foods fell 2.8 percent and Sanderson Farms dropped 1.3 percent
after the packaged food makers posted disappointing results, laying the blame partly on China tariffs.
Victoria's Secret-owner L Brands
dropped 9 percent, the most on the SP, after cutting its full-year profit expectations.
Synopsys gained 6.7 percent, the most on the SP,
after the electronic products and software maker beat quarterly estimates for revenue and profit.
Declining issues outnumbered advancers for
a 1.60-to-1 ratio on the NYSE
Advancing issues outnumbered decliners by a 1.02-to-1 ratio on the Nasdaq.
The SP index recorded 14 new 52-week highs and one new low, while
the Nasdaq recorded 85 new highs and 7 new lows.
