Stock Market Watch

Stocks in Red in Mid-Day Trading

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U.S. stocks edged lower on Thursday as weaker than expected ISM non-manufacturing data outweighed improved weekly jobless claims news. Market sentiment was also weakened by cautious comments from Mario Draghi during ECB’s meeting on interest rate decision.

Dow Jones Industrial Average (DJIA) was sliding 0.13%, at 13251.24. Nasdaq Composite Index was edging lower 0.25%, at 3052.06 while S&P 500 index was losing 0.18%, at1399.78.


All key sectors under S&P 500 were trading lower on Thursday.

After ISM data on manufacturing activities showed a strong recovery, Investors’ sentiment took a beating on Thursday as ISM non manufacturing data turned out weaker than expected.

According to the data provided by ISM, the pace of non-manufacturing sector slowed to 53.5 in April, down from 56.0 in previous month. Economists were expecting the reading of 55.5 for last month. However, the job market showed some signs of recovery as weekly jobless claims fell unexpectedly, according to U.S. Labor Department.

Meanwhile, in the euro-zone, the ECB kept the benchmark interest rate unchanged at 1% even as its President Mario Draghi said that any meddling with existing monetary cycle will be a premature for the moment.

Now, all eyes are set on U.S. private sector jobs data, due to be released on Friday.

Moving onto earnings season, General Motors, (NYSE: GM), announced earnings that were better than Wall Street expectations as the automaker was able to hike its price and cut losses in its European operations.

After the evening bell ring, earnings reports are expected from (NYSE: KFT), AIG (NYSE: AIG) and LinkedIn (NYSE: LNKD).

Green Mountain shares (NASDAQ: GMCR) tumbled more than 40 percent after the single-serve coffee company cut-back its full-year sales outlook and warned that its growth was beginning to see a slowdown.

Whole Foods Market shares (NASDAQ: WFM) climbed up after the upscale grocery store chain surpassed Wall Street estimates and raised its full-year earnings guidance.

 

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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