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Category: Stockmarket / Business, Economics and Finance / Company News / Markets / Currency / Futures

Wall Street closes lower weighed down by energy and financials

Tuesday, 10 Jan 2017 06:00:34 | Thuy Ong

Analysts say sentiment is bearish in the absence of any major news. (Chris Hondros/Getty Images, file photo: AFP)

Wall Street fell overnight, dragged down by finance and energy stocks with the S&P 500 slipping from a record, while the Dow Jones finished around 100 points short of a 20,000-point milestone.

Markets at 8:30am (AEDT):

  • ASX SPI 200 futures -0.4pc to 5,752
  • AUD: 73.5 US cents, 60.4 British pence, 85.2 Japanese yen, 69.6 eurocents, $NZ1.048
  • US: S&P 500 -0.3pc to 2,269, Dow Jones -0.4pc to 19,890, Nasdaq +0.2pc to 5,532
  • Europe: FTSE +0.4pc to 7238, DAX -0.3pc to 11,564, CAC 40 -0.5pc to 4,888
  • Commodities: Gold +0.7pc to $US1,181 an ounce, West Texas Crude -3.8pc to $US51.90 a barrel

Stocks have rallied in the aftermath of the US election, though some concerns about stocks rising too far too fast after President-elect Donald Trump's surprise win have capped off broader gains.

The S&P 500 has added 6.4 per cent since Mr Trump's election, according to Bloomberg.

The Nasdaq touched a record high close, underpinned by health care stocks, but the Dow Jones finished short of 20,000 as oil prices slid on concerns on a deal among major producers to limit output.

"The mood, certainly on social media and to an extent on trading floors, suggests bearish sentiment is on the rise, even though US equity markets have really only fallen modestly and there hasn't been any one piece of news that has been catching attention," wrote Chris Weston, chief market strategist at IG in a note.

Goldman Sachs was one of the biggest drags, falling 0.8 per cent, while oil giant Exxon Mobil closed 1.7 per cent lower.

Australian shares are set to open modestly lower, with investors eyeing key retail sales figures due out later in the day.

"Major retailers reported solid sales in the lead up to Christmas... and there is some upside from the risk that the incorporation of major US shopping events in the retail calendar [Black Friday and Cyber Monday] is not being fully adjusted for by seasonal adjustment," wrote Tapas Strickland, economist at NAB in a note.

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