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US: Stocks fall ahead of British vote

Wednesday, June 7, 2017 - 06:39

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[NEW YORK] Wall Street stocks retreated on Tuesday amid investor caution ahead of this week's British general election and congressional testimony from fired former FBI chief James Comey.

Analysts said the trend in the US market was part of a pullback in most global bourses because of the potential impact of the those events, both of which happen Thursday.

"The market might be a little on edge" ahead of Thursday, said Bill Lynch, director of investment at Hinsdale Associates, who added that there was little significant economic data for the market to focus on Tuesday.

The Dow Jones Industrial Average dropped 0.2 per cent to close at 21,136.23.

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The broad-based S&P 500 shed 0.3 per cent to end the session at 2,429.33, and the tech-rich Nasdaq Composite Index also fell 0.3 per cent to finish at 6,275.06.

Among blue-chip companies, Boeing, McDonald's, Nike and Wal-Mart Stores lost one per cent or more. But oil producers ExxonMobil and Chevron gained 1.4 per cent and 1.0 per cent, respectively, as oil prices advanced.

Gold producers Freeport-McMoRan and Barrick Gold jumped 3.8 per cent and 5.3 per cent as gold prices rose.

Macy's sank 8.2 per cent after executives warned at an investor day of lower profit margins in the current quarter and year. Other retailers also were pulled lower, including Target, which lost 1.9 per cent and Nordstrom, which tumbled 3.6 per cent.

AFP

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