US Equity Markets Lower After Surge in S&P Global Manufacturing Gauge, Rise in Jobless Claims

MT Newswires Live
08/22

US benchmark equity indexes ended lower on Thursday after a surge in an S&P Global manufacturing gauge to a 39-month high and a rise in initial jobless claims.

* The S&P Global flash reading for US manufacturing rose to 53.3 in August from 49.8 in July, surpassing the Bloomberg survey estimate of 49.7 and signaling a return to expansion in the sector, consistent with the improvement seen in the New York Fed's manufacturing data.

* Initial jobless claims rose to a seasonally adjusted 235,000 for the week ended August 16, up from an unrevised 224,000 the previous week, according to the Department of Labor. The figure exceeded Bloomberg's consensus estimate of 225,000. Meanwhile, the four-week moving average increased by 4,500 to 226,250.

* October West Texas Intermediate crude oil rose $0.72 to settle at $63.43 per barrel, while October Brent crude, the global benchmark, was last seen up $0.72 to $67.56.

* Nordson (NDSN) shares rose about 3% after Baird raised its price target on the stock to $252 from $245 while maintaining a neutral rating.

* Shares of First Solar (FSLR) dropped nearly 7% and Sunrun (RUN) was down about 4.6% after US President Donald Trump announced that his administration would not approve any new solar or wind power projects.

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