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 September 7, 2017 - 4:32 PM EDT
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Dow Drops with Financials

Dow Drops with Financials

U.S. stocks slipped on Thursday after banking stocks took a hit from declining rates. Disney dragged down Dow Jones industrial average after a profit warning.

The Dow was negative 22.86 points – off its lows of the day -- to 21,784.78,

The S&P 500 lost 0.44 points to 2,465.10, with financials and telecommunications leading the decline in the benchmark.

The NASDAQ moved higher 4.55 points to 6,397.87, with Microsoft, Amazon and Facebook all trading higher.

GE shares fell more than 3% after JPMorgan reaffirmed its underweight rating, saying earnings and business trends continue to deteriorate.

Its shares have performed poorly this year, declining 21% through Wednesday versus the S&P 500's 10% return.

Disney led media stocks lower, falling over 4% after CEO Bob Iger said the company will report earnings-per-share this year "roughly in line" with what the media company generated in fiscal year 2016. Shares of Comcast, Viacom, and CBS were all down over 3%.

Bank of America, Citigroup and Goldman Sachs were all down more than 1 percent, dragging down the major indexes.

Financials are losing their summer gains as interest rates decline. Goldman, which reached its highest level since March on Aug. 7, has since fallen off 7.7%

Insurance stocks also sank as investors grew more concerned over exposure to Hurricane Irma. Shares of XL Group fell over 5% Thursday, while Chubb fell another 2.5% to add to its 10% monthly decline following Hurricane Harvey.

Stocks rose slightly on Wednesday after President Donald Trump signaled his approval for a Democratic plan to package hurricane relief money for Hurricane Harvey to a three-month extension of both government funding and the debt ceiling.

On the data front, the U.S. Labor Department said on Thursday that non-farm productivity, which measures hourly output per worker, rose at a 1.5% annualized rate. Productivity was previously reported to have increased at a 0.9% pace in the April-June period. It grew at a 0.1% rate in the first quarter.

Prices for the benchmark 10-year Treasury note were up, lowering yields to 2.05% from Wednesday's 2.07%. Treasury prices and yields move in opposite directions.

Oil prices let go of four cents to $49.12.

Gold prices hiked $13.80 to $1,352.80 U.S. an ounce.

Source: Livemoney (September 7, 2017 - 4:32 PM EDT)

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