The S&P 500 fell for the fourth session on Thursday as robust economic data was overshadowed by a report that US Special Counsel Robert Mueller had issued a subpoena for documents related to US President Donald Trump’s businesses.
The S&P 500 lost two points, or 0.08%, to 2,747. The Dow Jones Industrial Average added 116 points, or 0.47%, to 24,874, and the Nasdaq Composite dropped 15 points, or 0.2%, to 7,482.
Earlier on Thursday, the S&P 500 saw modest gains after Peter Navarro, the White House’s top adviser on international trade, said in an interview Trump’s tough approach to global trade, including tariffs on metals imports, would not necessarily provoke retaliation.
In economic news, initial US jobless claims declined by 4,000 to 226,000 in the seven days ended 10 March, clinging to a 50-year low.
Shares in Boeing Co. reversed earlier gains to slip 0.1%. The aerospace giant is on track for its biggest weekly decline in over two years, as concerns over the potential negative effects of Trump’s tariff plan weigh.
Walmart Inc. shares were off 0.2% following reports that a whistleblower has filed a lawsuit alleging the retailer manipulated its numbers to catch up with Amazon.com Inc.
ADT Inc. swung to profit in the fourth quarter as revenue climbed 5.2%. Still, shares sank 13%.
Shares in Solid Biosciences Inc. plunged after the maker of muscular-dystrophy treatments announced a clinical trial had been put on hold. Its stock ended down 65%.
Shares of biotech Alexion Pharmaceuticals Inc. rose 3.4% after the company announced positive results in a trial of a treatment for Paroxysmal nocturnal hemoglobinuria (PNH).
Dollar General Corp.’s stock rallied 4.8% after the discount retailer reported fourth-quarter same-store sales that beat expectations and gave an upbeat earnings outlook.
In Asia, share markets were on firm footing on Friday in morning session as investors digested overnight developments related to global trade and an ongoing Russia investigation.
In Tokyo, the Nikkei 225 notched moderate gains of 0.24%. Meanwhile, in Seoul, the Kospi hovered just above the flat line, tacking on 0.07% in early trade.
Down Under, the S&P/ASX 200 edged up by 0.41%. In Greater China, Hong Kong’s Hang Seng Index fell 0.20%, while on the mainland, the Shanghai Composite Index added 0.17%.