Stocks are seeing a continued slide at the NYSE as energy is taking a hit...





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Published on Sep 2, 2016

AETOS WebTV_20160831: Stocks are seeing a continued slide at the NYSE as energy is taking a hit with U.S. crude prices to fall nearly 3% to $45 barrel.

The month of August is coming to an end right behind me here at the NYSE and stocks are seeing a continued slide as energy is taking a hit and as investors take in employment figures ahead of Friday's jobs report.

Let’s begin with the jobs data - Private companies added 177,000 jobs in August, according to the latest report from ADP - Economists expected a gain of 175,000 - meaning the read is roughly in line with expectations -

Other data released included the Chicago PMI read for August, which came in at 51.5. Also, Pending home sales rose 1.3 percent in July.

Markets did start off flat on the private jobs read, however, a major slide in energy led the way for an overall market slide this afternoon as the Energy Information Administration said crude oil
inventories rose by 2.3 million barrels last week - well above expectations of 920k and leading the way for U.S. crude prices to fall nearly 3% to $45 barrel.

And with the ADP report seen as a kind of warm-up to August's non-farm numbers expected this Friday - we have ourselves a session where:

The Dow Jones industrial average fell 78.52 points, or 0.43 percent, to 18375.78, with Chevron leading decliners.

The S&P 500 dropped 9.47 points, or 0.44 percent, to 2166.65, with energy leading all 10 sectors lower.

ANd, the Nasdaq slipped 17.49 points, or 0.33 percent, to 5205.50.

Turning now across the pond, UK shares steadied this Wednesday as weakness in mining shares outweighed gains by banks, though the FTSE 100 remained on track to post its third monthly
gain in a row.

Banking stocks Barclays, Royal Bank of Scotland, HSBC Holdings and Lloyds Banking Group all rose while Mining companies fell the most on the FTSE 100 as metals prices dropped.

The blue chip FTSE 100 index is down 34.53 points or 0.51% at 6,786.26 approaching the close of the session and the month of August.

And in other markets, the USD is up against a basket of currencies, with the euro near $1.113 and the yen at 103.37, and Gold futures for December delivery fell $3.50 to $1,313 per ounce.

For AETOS WebTV - James Sweeney, live report from the NYSE.


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