US stocks see moderate weakness on energy sector weakness

FXStreet (Mumbai) – US equity markets are trading moderately lower, but are still on track to score a weekly and monthly gain.

At the time of writing, the Dow Jones Industrial Average (DJIA) traded 0.23% lower at 17,705.50. The S&P 500 was largely unchanged at 2109.20.

Energy shares drop

The moderate losses seen today are mainly driven by weak energy sector earnings. Exxon Mobil fell more than 4% after the company reported adjusted earnings of $1 per share, widely missing expectations for $1.11. Chevron also fell more than 4% as the company booked a 90% plunge in profit. Energy is the only one of ten S&P sectors in negative territory.

Meanwhile, Expedia jumped after the online travel company reported solid second quarter earnings. The yield on the 10-year Treasury note fell to 2.20% from 2.26% on Thursday. The US dollar is being offered across the board after the Employment Cost Index data showed wage growth in the second quarter was the slowest since 1982.

US equity markets are trading moderately lower, but are still on track to score a weekly and monthly gain.

(Market News Provided by FXstreet)