S&P 500 started the session higher but turned negative after the first half-hour of the trading session, as U.S House Speaker Nancy Pelosi announced that the Judiciary Committee would proceed with drafting articles of Donald Trump impeachment. As of writing the S&P 500 gives up 0.19% at 3,106. Dow Jones also trades lower at 27,607, while the Nasdaq is 0.15% lower at 8,553.
Labor Data Came in Stronger
The calendar included a better figure for initial claims, which fell to 203K beating forecasts of 215K and set a new 50-year low. The Challenger Job Cuts came in at 44.569K for November, the previous reading was 50.275K. The Trade Balance registered in at $-47.2B, beating forecasts of $-48.7B in October. The United States Factory Orders (month over month) came in at 0.3% in line with expectations in October.
S&P dragged down by Brown-Forman Corp. -6.24%, F5 Networks Inc. -5.98%, Alexion Pharmaceuticals Inc. -5.68% and Kroger Co. -4.02%. On the other hand S&P 500 getting a boost from Dollar Tree Inc. +2.36%, Ralph Lauren Corp. +1.90% and Macy’s Inc. +1.65%. The CBOE fear index trades 0.08% higher at 14.91.