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Wall St opens lower after economic data; Accenture slips post results

Dow Jones Industrial Average was down 35.11 points

Reuters 

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A souvenir license plate is seen outside the New York Stock Exchange in Manhattan, New York. Photo: Reuters

opened slightly lower on Thursday after data showed and Irma continued to hurt the labour market and could slow the pace of economic growth in the third quarter.

However, the Commerce Department report also showed that the economy grew a bit faster than previously estimated in the second quarter, recording its quickest pace in more than two years.

The Labor Department said initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23. Economists polled by Reuters had forecast claims rising to 270,000 in the latest week.

Investors also assessed President Donald Trump's tax plan, which called for tax cuts for most Americans, but prompted criticism that it favoured business and the rich and could add trillions of dollars to the deficit.

"You may get a little bit of a readjustment in terms of evaluation of the tax proposal," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"When you look at the difficulties they've had with the healthcare bill, I think there's going to be a lot of second-guessing on their ability to get it done."

At 9:40 a.m. ET (1340 GMT), the Industrial Average was down 35.11 points, or 0.16 percent, at 22,305.6, the 500 was down 2.5 points, or 0.10 percent, at 2,504.54 and the Composite was down 23.44 points, or 0.36 percent, at 6,429.82.

Eight of the 11 major indexes were lower, led by a 0.46 percent loss in the interest-rate sensitive utility index.

slipped 1.41 percent despite reporting better-than-expected revenue.

Medical device maker Dexcom slumped 33 percent after the approved Abbott's glucose monitoring device. was up 4.3 percent.

Blackberry's US-listed shares jumped 11.58 percent after the company reported stronger-than-expected results and raised its revenue forecast, helped by record sales in its closely watched software business.

Declining issues outnumbered advancers on the by 1,344 to 1,208. On the Nasdaq, 1,318 issues fell and 952 advanced.

First Published: Thu, September 28 2017. 20:17 IST
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