Market news
02.07.2019, 20:24

Major US stock indexes finished trading in positive territory

Major US stock indices rose slightly, helped by an increase in the shares of the utility sector and the consumer goods sector.

Further growth in the indices was restrained by news that the US government threatened to impose additional tariffs on goods from the EU in the amount of $ 4 billion in connection with a long-standing dispute over EU subsidies for Airbus aircraft. The office of the US sales representative has published a list of 89 product categories, including olives, Italian cheese, Scotch whiskey, etc., which complements the original list agreed in April setting tariffs for goods worth $ 21 billion. A new wave of proposed tariffs arose amid 15-year dispute in the World Trade Organization (WTO) over the legality of subsidies received by Boeing from the United States and Airbus from the European Union. In 2004, the US and the EU complained about each other at the WTO due to the provision of subsidies to their aircraft manufacturers. In May 2018, the organization recognized that EU subsidies for Airbus infringe upon Boeing’s interests. In response, the United States immediately threatened the European Union with punitive measures. In March 2019, the WTO said that financial support for Boeing USA was illegal.

In addition, the pressure on the market was also exerted by the negative dynamics of oil prices, which fell by more than 4% amid fears over demand. Against this background, shares of oil companies Exxon Mobil Corp (XOM) and Chevron Corp (CVX) fell by more than 1%.

In addition, investors are preparing for a holiday on the occasion of Independence Day on Thursday, which is expected to lead to a decrease in trading volumes this week.

Most of the components of DOW finished trading in positive territory (21 out of 30). The growth leader was Verizon Communications Inc. (VZ; + 2.30%). Outsider were shares of Dow Inc. (DOW; -1.77%).

Most sectors of the S & P recorded an increase. The utility sector grew the most (+ 0.8%). The largest decline was in the raw materials sector (-0.9%).

At the time of closing:

Dow 26,786.68 +69.25 +0.26%

S & P 500 2,973.01 +8.68 +0.29%

Nasdaq 100 8,109.09 +17.93 +0.22%

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