AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

US stocks fell on Thursday as worries that the United States and China may not be able to strike a trade deal overshadowed strong earnings reports from Apple and Facebook. The S&P 500 was on pace for its biggest drop in nearly three weeks, after notching intraday record highs in the past three sessions. All of its 11 major sectors were either trading flat or in the red. Interest-rate sensitive bank stocks shed 1.5%, a day after the Federal Reserve lowered borrowing costs for the third time this year.

Tempering recent optimism around trade was a Bloomberg report that said Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with Washington and US President Donald Trump. However, Trump said the two countries would soon announce a new site where a "Phase One" trade deal will be signed after Chile cancelled a planned summit set for mid-November.

The trade-sensitive industrials sector shed 1.23%, while China exposed chipmakers also fell, with the Philadelphia Semiconductor index slipping 1.14%. However, corporate earnings were a bright spot. Apple Inc rose 2% after the iPhone maker forecast sales for the holiday shopping quarter ahead of expectations. Facebook Inc gained 2% after reporting an uptick in users in lucrative markets and its third straight rise in quarterly sales growth.

At 12:34 a.m. ET the Dow Jones Industrial Average was down 221.13 points, or 0.81%, at 26,965.56, the S&P 500 was down 18.72 points, or 0.61%, at 3,028.05 and the Nasdaq Composite was down 34.41 points, or 0.41%, at 8,269.57. Data on Thursday showed a marginal rise in consumer spending in September, casting doubts on consumers' ability to continue driving the economy.

Copyright Reuters, 2019

Comments

Comments are closed.