MARKET SNAPSHOT: U.S. Stocks Open Lower As Oil Tumbles On OPEC Stalemate
June 02 2016 - 10:09AM
Dow Jones News
By Ellie Ismailidou and Barbara Kollmeyer, MarketWatch
ADP misses impact of Verizon strike; ECB leaves interest rates
unchanged
U.S. stocks opened lower Thursday, weighed down by falling oil
prices after the Organization of the Petroleum Exporting Countries
failed to reach an agreement on a production ceiling.
Meanwhile, fresh U.S. private-sector employment data
(http://www.marketwatch.com/story/adp-reports-173000-private-sector-jobs-added-in-may-2016-06-02-8103345)came
roughly within expectations, while first-time unemployment benefits
declined somewhat, increasing the likelihood of an interest-rate
increase this summer.
The S&P 500 index fell 5 points, or 0.3%, to 2,093, led by a
1% drop in energy shares, which were dragged down by tumbling oil
prices . The technology sector was the second-worst performer on
the index, down 0.5%.
The Dow Jones Industrial Average fell 45 points, or 0.3%, to
17,747, led by a 1.6% drop in energy giant Exxon Mobil Corp.(X)
followed by a 1.4% drop in shares of Apple Inc.(AAPL).
Meanwhile, the Nasdaq Composite began the day down 11 points, or
0.2%, to 4,941.
Earlier in the day, the European Central Bank left key interest
rates unchanged, in line with investors' expectations. But ECB
President Mario Draghi said the central bank remains ready to use
all the tools within its mandate
(http://blogs.marketwatch.com/thetell/2016/06/02/ecb-live-blog-draghi-faces-questions-on-inflation-greece-and-corporate-bonds/)
to makes sure that the low inflation environment doesn't become
"entrenched."
(END) Dow Jones Newswires
June 02, 2016 09:54 ET (13:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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