Investing.com – U.S. stocks were broadly lower after the open on Thursday, as commodity-linked shares led markets lower amid concerns that China would further tighten monetary policy to cool its economy.
During early U.S. trade, the Dow Jones Industrial Average shed 0.14%, the S&P 500 index was down 0.23%, while the Nasdaq Composite index dropped 0.62%.
Earlier in the day, official data showed that China’s gross domestic product rose more-than-expected in the fourth quarter, fuelling speculation the country would do more to combat inflation and cool its economy.
Shares in the commodity sector performed poorly as U.S. listed shares of the world’s largest mining group BHP Billiton plunged 2.68%, rival Rio Tinto saw shares tumble 3.03%, while shares in the largest U.S. aluminum producer Alcoa sank 1.99%.
Elsewhere, shares in the world’s largest copper producer Freeport McMoran Copper & Gold lost 4.05% despite reporting better-than-expected fourth quarter earnings.
Meanwhile, shares in the second largest U.S. investment bank Morgan Stanley gained 1.77% after it said that fourth quarter profit jumped by 46% to USD867 million, compared to USD460 million a year earlier. The lender said that revenue in the quarter rose by 14% to USD7.8 billion, exceeding analysts’ expectations for revenue of USD7.4 billion.
Shares in the sixth largest U.S. bank PNC Financial Services tumbled 2.48% after it said that its fourth quarter net profit tumbled by 21% to USD798 million, compared to USD1.01 billion a year earlier.
Elsewhere, shares in the largest U.S. lender Bank of America dropped 1.43%, while Goldman Sachs saw shares fall 0.84%.
Also Thursday, shares in the world’s largest online trading community eBay surged 4.57% after it reported a 17% increase in fourth quarter net profit. The company said that revenue in the quarter rose by 5% from a year earlier to USD2.5 billion.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 rose 0.42%, France’s CAC 40 added 0.05%, Germany's DAX slumped 0.61%, while Britain's FTSE 100 tumbled 1.45%.
Earlier in the day, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 15 fell to a seasonally adjusted 404K, after rising to a revised 441K the previous week and beating expectations for a drop to 425K.
Later Thursday, the U.S. was to release official data on existing home sales as well as a report on manufacturing activity in Philadelphia.
During early U.S. trade, the Dow Jones Industrial Average shed 0.14%, the S&P 500 index was down 0.23%, while the Nasdaq Composite index dropped 0.62%.
Earlier in the day, official data showed that China’s gross domestic product rose more-than-expected in the fourth quarter, fuelling speculation the country would do more to combat inflation and cool its economy.
Shares in the commodity sector performed poorly as U.S. listed shares of the world’s largest mining group BHP Billiton plunged 2.68%, rival Rio Tinto saw shares tumble 3.03%, while shares in the largest U.S. aluminum producer Alcoa sank 1.99%.
Elsewhere, shares in the world’s largest copper producer Freeport McMoran Copper & Gold lost 4.05% despite reporting better-than-expected fourth quarter earnings.
Meanwhile, shares in the second largest U.S. investment bank Morgan Stanley gained 1.77% after it said that fourth quarter profit jumped by 46% to USD867 million, compared to USD460 million a year earlier. The lender said that revenue in the quarter rose by 14% to USD7.8 billion, exceeding analysts’ expectations for revenue of USD7.4 billion.
Shares in the sixth largest U.S. bank PNC Financial Services tumbled 2.48% after it said that its fourth quarter net profit tumbled by 21% to USD798 million, compared to USD1.01 billion a year earlier.
Elsewhere, shares in the largest U.S. lender Bank of America dropped 1.43%, while Goldman Sachs saw shares fall 0.84%.
Also Thursday, shares in the world’s largest online trading community eBay surged 4.57% after it reported a 17% increase in fourth quarter net profit. The company said that revenue in the quarter rose by 5% from a year earlier to USD2.5 billion.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 rose 0.42%, France’s CAC 40 added 0.05%, Germany's DAX slumped 0.61%, while Britain's FTSE 100 tumbled 1.45%.
Earlier in the day, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 15 fell to a seasonally adjusted 404K, after rising to a revised 441K the previous week and beating expectations for a drop to 425K.
Later Thursday, the U.S. was to release official data on existing home sales as well as a report on manufacturing activity in Philadelphia.