US benchmarks close lower for third day in row
TSX Index up six pts
Interest rates comeimnto view
Worries over trade war
Wall Street shares finished in the red - again - as the Dow Jones Industrial Index shed over 248 points at 24,758.
The S&P 500 lost 15.83 at 2,749, while the Nasdaq closed down 14.20 at 7,496.
US crude - West Texas Intermediate - added 0.31% to stand at US$60.90 a barrel.
Traders were spooked by a number of factors, including US retail sales stats and President Trump's unstable White House.
There is also, on the horizon, the possible interest rate hike next week from the Fed and new chairman Jerome Powell.
Moreover, traders are jittery about a potential trade war after the president announced that he will seek to trim the US trade deficit with China by US$100bn via tariffs.
In Toronto, the TSX added just over six points at 15,653.
Wall Street falls amid fears of trade war with China https://t.co/l3dOZJapdl
— Reuters Top News (@Reuters) 14 March 2018
MID-SESSION
Having started on the front foot, US stocks were mixed at mid-session but generally lower.
The Dow Jones Industrial Index was down over 127 points at 24,879.
The S&P 500 was down 4.25 at 2,761.
But the Nasdaq added 19 points at 7,530.
Investors got jittery after latest data showed that US retail sales fell for a third straight month in February as households cut back on buying cars and other big-ticket items.
It all led to analysts downgrading their first-quarter economic growth forecasts.
Simultaneously, inflation pressures are steadily building, which may well lead the central bank - the Federal Reserve - to raise interest rates next week.
Traders are also mulling yesterday's move by President Trump to get rid of Secretary of State Rex Tillerson.
In Toronto, the TSX is up over 11 points at 15,658, while the Venture exchange is down 2.95% at 826.10.
Notably, shares of Valeant Pharmaceuticals (TSE:VRX) jumped 5.37% to C$21.72 after Health Canada approved its drug for plaque psoriasis.
Elsewhere, Suncor Energy Inc (CSE:SU) sank 0.40% to C$42.12 each and was one of the biggest drags on the index after the company said its Syncrude oil sands project in northern Alberta would run at reduced rates in the first quarter due to maintenance.
In New York, other notable movers were Arcadia Biosciences Inc (NASDAQ: RKDA), which shot up 234% after it revealed that it has achieved key resistant starch wheat technology milestones.
China Lodging Group Ltd (NASDAQ:HTHT) shed over 11% to US$130.47 after it posted fourth quarter results.
The firm reported adjusted earnings of US$0.55 per share on revenues of US$340.4mln.
OPEN
US stocks got off to a solid start on Wednesday after yesterday's falls.
The Dow Jones Industrial Index is up around 35 points at 25,043 at the time of writing.
The broader based S&P 500 added 4.28 at 2,769.
The tech heavy Nasdaq index is up around 13 points at 7,254.
US crude, West Texas Intermediate - is around flat at US$60.72 a barrel.
In Toronto, the TSX is ahead by around 49 points at 15,696.
FTSE 100 in London is up nearly 36 points at 7,174.
In New York, a major loser was Signet Jeweleres Ltd (NYSE:SIG), which tanked 14.55% to US$40.94
The giant jewelry retailer is embarking on a three-year "comprehensive transformation plan" and is anticipating results in the current fiscal year that will be well below the figures for fiscal 2018 it reported today.
Signet chief executive Virginia Drosos acknowledged that fiscal 2018 "was a challenging year".
Ford shares (NYSE:F) shot up 3.94% to US$11.21 on the back of a double upgrade from broker Morgan Stanley.