S&P 500, Dow end lower with energy, financials; Tesla falls

S&P 500, Dow end lower with energy, financials; Tesla falls

S&P 500, Dow end lower with energy, financials; Tesla falls

The S&P 500 closed at 2,833.28 for a loss of -20.30 points or -0.71%.

"Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters.

The gains come as the latest data pointed to the strength in the labor market, underscoring the health of the economy despite ongoing trade tensions.

The Dow Jones Industrial Average slid 74.52 points, or 0.3 percent, to 25,509.23.

In the week ending August 4, the advance figure for seasonally adjusted initial claims was 213,000, a decrease of 6,000 from the previous week's revised level, the Labor Department said on Thursday.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent. Meanwhile, newly announced USA sanctions against Russian Federation added to the turmoil.

The S&P 500 index fell 4.12 points, or 0.1 percent, to 2,853.58.

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Sinclair (SBGI.O) dropped 2.4 percent after Tribune Media (TRCO.N) ended its $3.9 billion deal to be acquired by Sinclair and filed suit.

Microchip Technology shares fell 11.6 percent after disappointing second-quarter revenue forecast.

The biggest drag on the S&P 500 was Booking Holdings (BKNG.O), which fell 5 percent after it forecast third-quarter profit below expectations.

The S&P gains came as the latest data pointed to strength in the labor market, underscoring the health of the USA economy despite ongoing trade tensions. Tribune shares rose 2.9 percent.

Rite Aid fell 11.8 percent after the drug store chain and USA grocer Albertsons Cos agreed to terminate their merger agreement.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored advancers.

The S&P 500 posted 12 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 87 new highs and 102 new lows.

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