Stocks traded lower to start the week and an intraday climb was insufficient to log a positive close for the market.
Traders began the day with news that North Korea fired four ballistic missiles and President Donald Trump accused his predecessor, Barack Obama, of wiretapping him.
Here’s the scoreboard:
- Dow: 20,954.89, -50.82, (-0.24%)
- S&P 500: 2,375.40, -7.72, (-0.32%)
- Nasdaq: 5,849.17, -21.58, (-0.37%)
- Snap already tanked below its IPO opening price. Following the 44% pop on IPO day last week Thursday, shares of Snapchat’s parent company fell 12% to as low as the opening price of $US23.80.
- An investor group wants to keep Snap out of indexes. The Council of Institutional Investors, which represents large asset owners, is concerned that Snap is accessing public markets but selling non-voting shares to shareholders, Reuters reported.
- US manufacturing continues to rebound. Factory goods orders rose 1.2% after an unrevised 1.3 per cent jump in December, the Commerce Department said. Manufacturing, which makes up about 12% of the economy, is recovering after being buffeted by cheap oil, a strong dollar and an inventory overhang.
- Retailers slumped on lower February sales. Sales slumped 17% from January 31 to February 23 compared to the same period last year, Bloomberg reported, citing First Data figures. Kohl’s fell by as much as 5%, while Macy’s dropped 4%.
- GM is selling Opel to Peugeot for $US2.3 billion. The deal will total $US2.3 billion (2.2 billion euros) and consist of GM’s sales of its unit containing Opel and Vauxhall for $US1.3 billion and its European GM Financial arm for $US1 billion.