US stocks ended softer on Thursday after oil supplies surprisingly jumped in the world’s biggest economy and pushed energy prices lower.
In the latest weekly official US oil stocks data from the EIA the fuel glut became worse as 614,000 barrels of oil were added. Experts had forecast a drop of 2.06mln barrels following a jump of 2.25mln the prior week.
The US oil benchmark WTI was down 0.6% at $53.74 versus down 0.2% before the data was released.
The S&P 500 market bellwether was down 0.03% at 2,249 and led by Micron Technology (NASDAQ:MU) down 2.3% at $22.25 and Chipotle Mexican Grill (NYSE:CMG) down 2.3% to $376.60.
The S&P Midcap 400 was up 0.3% to 1667 and led by Royal Gold Inc (NASDAQ:RGLD) up 4.5% to $66.69 while the S&P Smallcap 600 rose 0.2% to 841 and was led by Donnelly Financial Solutions Inc (NYSE:DFIN), up 8.3% to $22.89.
The wider small-cap Russell 2000 ended unchanged at 1360 while the Dow Jones Industrial Average finished down 0.07% at 19,819.
Across the northern border, the TSX Composite ended up 0.3% at 15,405.
Early trading
US stocks see-sawed sharply in thin volumes at the opening on Thursday but only the Nasdaq Composite turned negative.
The S&P 500 market behemoth was up 0.1% at 2,252 and led by Newmont Mining Corp (NYSE:NEM), up 5% to $34.43. But volumes were wafer thin at 1.5mln shares.
Meanwhile, the Dow Jones Industrial Average made another attempt at the 20,000 record level, but was beaten back after reaching 19,878 – nowhere close. It was last up 0.1% at 19,859
The S&P Midcap 400 was up 0.3% at 1666 and led by Royal Gold Inc (NASDAQ:RGLD) up 3.5% at $66.07 on 120,000 traded shares.
The S&P Smallcap 600 was up 0.4% at 842 and led by restaurants group Ruby Tuesday (NYSE:RT), up 5% at $3.36 on 90,000 shares traded.
Meanwhile, the TSX Composite was up 0.4% at 15,421 and led by Alamos Gold Inc. (TSX:AGI.TO) up 9% at $9.69.
Pre-Open
US stocks are poised to open flat-to-firmer on Thursday as markets attempt yet again to challenge record highs including a possible year-end push by the Dow Jones Industrial Average to a record 20,000.
The S&P 500 market behemoth is expected to open 0.1% higher, the Nasdaq Composite up 0.05% and the Dow flat at around 19,850.
On Wednesday, US stocks dropped with the Dow slipping further from reaching the 20,000 level this year.
One of the few gem risers on Wednesday was handbag fashion house Kate Spade (NYSE:KATE). It soared by a quarter on Wednesday on reports it might be up for sale. But pre-market the shares had run out of steam and were down 1.4% at $17.61.
Not falling out with the new US President may prove to be a good strategy for one’s investors. Sprint (NYSE:S) stock may see higher-than-normal trading volume on Thursday after President-elect Donald Trump praised the company for creating new American jobs.
Sprint confirmed it would "create or bring back to America" 5,000 jobs, mostly in customer care and sales.
Trump campaigned on bringing jobs back to the U.S. But the 5,000 Sprint jobs confirmed Wednesday aren't exactly new -- they are part of a previously announced initiative led by Japan's Softbank to create 50,000 jobs in the US.
Sprint shares were up 0.9% at $8.80 pre-market.
US Crude oil futures dipped on Thursday after prices hit a 2016 high on Wednesday.
Trading could be volatile as the US Energy Information Administration reports weekly crude oil inventory data at 1100 ET (1600 GMT).
The West Texas Intermediate was down 0.2% at $53.95.
In a last twist of the knife the outgoing US President Barack Obama is preparing to announce, as soon as Thursday, a series of retaliation measures against Russia for meddling in the 2016 election, according to US officials briefed on the plans.
The actions are expected to include expanded sanctions and diplomatic measures, the officials said.