Stocks end slightly lower, break 3-day win streak

Dow e-minis 1YMc1 were down 43 points, or 0.24 percent, with 17,334 contracts changing hands.

The Dow Jones industrial average fell 55 points, or 0.3% and is back below the 18,000 level. Both the indexes posted three consecutive days of gains.

The Dow was again trading above the psychologically key 18,000 level.

The Nasdaq composite dipped 6.96 points, or 0.1 per cent, to 4,961.75. Oil prices initially continued their march higher on Thursday, but turned lower early in European trade. However, a slump in biotech stocks weighed on the Nasdaq.

“There is no fresh catalyst to drive the markets higher, even though it’s a stone’s throw away from record highs”, said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

Benchmark US crude oil added 67 cents, or 1.3 per cent, to close at US$50.36 a barrel in NY. “That’s bringing in some selling around this time”, said Peter Cardillo, chief market economist at First Standard Financial. EIA data revealed a drop of 3.2 million barrels in crude and builds in gasoline and distillate inventories, CNBC reported.

U.S. stocks rose for a third straight session on Wednesday as declines in the dollar lifted some commodity-related shares and boosted the outlook for multinationals.

The U.S. dollar has been dropping every day since Friday’s non-farm payrolls release and DXY is now trading at 5-weeks low as speculators continued to reduce bets on imminent Fed rate hike.

While equities fell last Friday after a disappointing jobs report, support this week has come from Federal Reserve chair Janet Yellen’s remarks that the U.S. economy is making progress and indications that policy makers won’t rush to raise interest rates. But she was vague on the timing of the next interest rate hike. Uncertainty over the outcome of a late June referendum on whether the United Kingdom will remain in the European Union also bolstered demand for haven debt, as an exit could rattle global markets. “But that’s a big hope”.

BANKS BONK: Bond prices rose and the yield on the 10-year U.S. Treasury note dropped to 1.67 percent from 1.70 percent.

USA gold futures for August delivery settled up 0.7% at US$1273 an ounce.

The Stoxx Europe 600 lost 1%.

Japan’s Nikkei 225 was off 0.65% as the yen maintained relative strength against the dollar.