Wall Street Daily - May 24th, 2018
U.S. announced plans to investigate if an “abuse of trade tactics” would harm their economy or not. As a result Autos all over the world scored big losses, with Hyundai Motor down 1.73% and Kia Motors down 3.57%. While at the European side Porsche, Daimler and BMW were 3.02%, 2.77% and 1.69% lower respectively.
Eight out of the eleven major S&P sectors were down, led by the energy sector’s 1.8% decline. The S&P 500 itself was down 0.53%, to close at 2,718.78 while the Nasdaq Composite fell 0.44%, at 7,393.42. The consumer electronics retailer reported a slowdown in quarterly online sales, the whole sector slipped with Best buy leading the S&P loses, down 8.2%.
The OPEC situation isn’t clear yet, as Reuters reported that OPEC may decide in June to increase output to cover reduced supply from Venezuela and Iran. (Crude futures fell 0.9%, at $71.17 a barrel).
In currency markets the US dollar lost momentum to a basket of currencies on Thursday as FX traders booked profits following the dollar’s recent rally.
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