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Overnight Markets: Wall Street inches lower as energy stocks retreat

Overnight Markets: Wall Street inches lower as energy stocks retreat

Wall Street closed mostly lower on Wednesday as energy companies sank along with the price of oil and investors grappled with a fresh round of tariff clashes between the US and China.

The Dow Jones Industrial Average declined 45 points, or 0.2%, to 25,584. The broad-based S&P 500 slipped less than 0.1% to 2,858, while the tech-rich Nasdaq Composite Index added 0.1% at 7,888.

Trade tensions between the Wahington and Beijing escalated on Tuesday after the Trump administration completed a list of $16 billion in Chinese imports that will be subject to 25% tariffs. Chinese officials have said they would respond by imposing retaliatory tariffs on up to $110 billion of US goods.

However, investors have been focusing on rising company earnings instead. Gains for Microsoft, Facebook and Alphabet helped technology companies finish higher. Banks and health care companies also rose.

Energy sector declined after oil futures fell sharply, with US crude oil losing 3.2% to $66.94 a barrel in New York. Exxon Mobil lost 0.7% and Chevron dipped 1%.

Tesla fell 2.43%, a day after soaring 11% on Tuesday, after chief executive Elon Muck said he was considering taking the multibillion-dollar, electric-car maker private.

Snap Inc. stock fell 6.8% after the company issued quarterly guidance for the first time as well as reported a user decline.

Salesforce.com Inc. promoted chief operating officer Keith Block to co-chief executive alongside founder Marc Benioff, the company announced in a surprise move Tuesday night. Shares ended 0.5% higher.

Walt Disney Co. shares fell by 2.2% after the company released a disappointing earnings report on Tuesday.

Shares of Mylan reversed an earlier 7% drop to end 1.8% higher after the pharmaceutical company reported earnings results that came in below expectations but said it was evaluating strategic alternatives.

In Asia, shares traded mixed on Thursday in morning session after the Wall Street was little changed overnight following the unveiling of new Chinese tariffs on US goods.

In Australia, the ASX 200 was up 0.15%. Japan's Nikkei 225 dropped 0.54%. South Korea's Kospi fell 0.14%. In China, the Shanghai Composite Index added 0.65%, while Hong Kong’s Hang Seng Index rose 0.13%.

 

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