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Afternoon Market Update

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According to the data, the US trade deficit expanded sharply in August, due to rise in imports from China into US at a record rate. The Commerce Department mentioned that the country's trade deficit widened 8.8% in August to $46.3 billion, up from $42.6 billion in July. However, analysts were expecting the deficit to expand to $44.1 billion.

US Drug stocks moved up slightly, driven by shares of SIGA Technologies (NASDAQ: SIGA), rising about 2.97%. SIGA reported that it received a $2.8 billion US government contract for supplying its smallpox antiviral drug. The NYSE Arca Pharmaceutical Index (DRG) rose about 0.19%, while the NYSE Arca Biotechnology Index (BTK) gained about 0.08%.

US Retail stocks fell after unexpected rise in the weekly jobless claims. The S&P Retail Index (RLX) lost about 0.47%. However, the shares of Gap Inc (NYSE: GPS) were up by 0.11%.

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Posted-In: Afternoon Market UpdateNews Economics Intraday Update Markets Trading Ideas

 

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