STOCKS SLIP: Here's what you need to know

Stocks slipped slightly in trading on Thursday.

The Dow and S&P 500 indexes were in the red after a rash of US economic data and the release of President Trump’s budget for the next fiscal year, while the tech-heavy Nasdaq just barely cracked into the green in the last few minutes of trading.

We’ve got all the headlines, but first, the scoreboard:

  • Dow: 20,931.61, -21.39, (-0.10%)
  • S&P 500: 2,381.24, -5.54, (-0.23%)
  • Nasdaq: 5,900.76, +0.71, (+0.01%)
  • US 10-year bond yield: 2.522%, (+0.014)
  1. President Trump released his budget for the federal government. The so-called “skinny budget” saw deep cuts for most domestic agencies like the Department of Health and Human Services, while Homeland Security and the Defence Department received large boosts.
  2. Trump said he wants to “cut the hell out of taxes.” Trump reiterated his promise for large corporate and personal tax cuts that many on Wall Street have been waiting for during a speech in Nashville, Tennessee.
  3. Canada Goose went bananas after it made its public debut. The apparel maker’s IPO priced at $US12.78 per share on Wednesday night and jumped quickly to $US18 a share at the open before settling at roughly $US16.27 per share. The stock is trading under the ticker GOOS.
  4. Snap’s stock slid below $US20 per share. It was the first time that the social media (or camera, as they say) company saw its shares fall below the $US20 since it began trading. The stock closed around $US19.95 per share.
  5. The Federal Reserve rate hike caused bank’s to lift their prime lending rate. Banks from JPMorgan Chase to Wells Fargo and more lifted their prime lending rate to 4% from 3.75%, which helps to determine the interest rate for products like credit cards after the Fed’s 25 basis point rate hike.
  6. Job openings came in above expectations. The JOLTS survey showed 5.626 million job openings in the US, higher than the 5.562 openings expected by economists. In other labour market news, initial jobless claims fell to 241,000. This was below last week’s reading of 243,000, but above expectations of 240,000.
  7. Housing starts rose 3% at a seasonally adjusted annual rate of 1.288 million for the month. This was solidly above the rise of 1.4% at a seasonally adjusted annual rate of 1.264 million expected by economists. According to the National Association of Realtors homebuilder confidence was also the strongest in 12 months.


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