Wall Street lower as May housing starts decline

Wall Street was lower at midday on Tuesday. The Dow Jones Industrial Average was just slightly lower at 13,608.24, while the Nasdaq Composite fell 0.2 percent to 2,621.03 and the S&P 500 dropped 0.1 percent to 1,529.14. The declines came after new figures show that housing starts were down by 2.1 percent in May. The metals sector and electronics retailers both saw declines. The internet sector was lower, as well. Gainers on the day included do-it-yourself retailers and the pharmaceuticals sector.

European markets were down once again. The Eurofirst 300 was 0.2 percent lower to 1,616.65. The Dax dropped 0.03 percent to 8,033.52, while the CAC-40 was 0.25 percent lower to 6,071.67 in Paris and the IBEX fell 0.68 percent to 15,000.2 in Madrid. Carmakers were higher, although truck manufacturers saw declines. French builders were lower, while the steel and utilities sectors were mixed on the session.

London’s markets were also lower. The FTSE 100 dropped 0.8 percent to 6,650.2, while the FTSE 250 fell 1.09 percent to 11,817.2. Utilities were mixed in the UK. Retailers were also mixed, with those on the 250 doing better than those in the 100. The pharmaceuticals sector, tobacco, and property developers all saw gains during the day.

Most equities markets in the Asia-Pacific region saw gains. The Sensex had the best day in the region, with a gain of 1.53 percent to 14,295.5. In Australia, the Sydney Ordinaries added 0.44 percent to 6,393.4, while the ASX 200 was 0.5 percent higher to 6,372. The Jakarta Composite and the Kospi index in Seoul both had record high closes, with Jakarta ending the session 0.7 percent higher to 2,142.10 and Seoul gaining a fraction to 1,807.85. The Straits Times index in Singapore, meanwhile, gained 0.19 percent to 3,629.55. Tokyo was mixed, with the Nikkei 225 up 0.1 percent to 18,193.61 but the Topix index down 0.4 percent to 1,780.49. Shippers and the warehouse sector were lower, while exporters did a bit better.

Story link: Wall Street lower as May housing starts decline