Major US equity indices witnessed a mixed opening on Thursday, with a combination of negative factors keeping a lid on any meaningful up-move.
Against the backdrop of the ongoing uncertainty surrounding trade policy, a downward revision of the first quarter economic growth gave investors a valid reason to hold back from placing any fresh bullish bets.
The US economic growth for the first quarter of 2018 was revised lower to 2% annualized rate as compared to 2.2% estimated in the preliminary release. Adding to the disappointing growth figures, initial weekly jobless claims rose more than expected, by 9,000, during the week ended June 24 and added to the cautious tone during the opening hour of trade.
With investors still evaluating the possible impact of protectionist policies on the global economy, prospect of more aggressive Fed action should be enough for the volatility to stick around for a while.
At the time of writing this report, the Dow Jones Industrial Average lost around 60-points to 24,050 and the broader S&P 500 Index held near yesterday’s closing level, near 2,700 mark. Meanwhile, tech-heavy Nasdaq Composite Index was up by 11-points to 7,458.
Share
