The Nasdaq and S&P 500 both finished lower as the Nasdaq fell 14 points, -.48%, to $2,831.02 and the S&P barely skidded below zero at -.01% to $1,314.99.
Thursday’s market action pivoted around central banks, said John Canally, an economic strategist at LPL Financial. “It’s not off to the races because we didn’t get more details,” Mr. Canally said, noting the Fed appears to “still be on a path to do more.”
The European markets were broadly higher after finishing strong. The Stoxx Europe rose 1.1%, gaining for the third session in a row. In Asia, Japan’s Nikkei increased 1.2% while Hong Kong’s Hang Seng gained 0.9%.
Crude-oil futures fell 0.2% to $84.82 a barrel, while gold futures slipped 2.8% to $1586.60 a troy ounce. The U.S. dollar fell against the euro but gained ground against the yen. The yield on the benchmark 10-year Treasury note rose to 1.654%.
Medicaid insurer Molina Healthcare (MOH) tumbled -31.02% after suspending full-year earnings guidance while it sorts out problems in new Texas markets. Navistar International dropped 14% after the commercial-truck maker swung to a surprise fiscal second-quarter loss, pegged in part to restructuring charges and slower-than-expected revenue growth. Finally, Men’s Warehouse (MW) sank as high overhead costs weighed down its quarterly earnings and the retailer announced a downbeat view for the current quarter.
Thomas Doherty is a student at Villanova University majoring in Finance and Economics. All questions and comments can be sent to Thomas@KeeneOnTheMarket.com