The market's major averages were all trading lower on Thursday as soft economic data and fears of a government shutdown erased overnight gains achieved on signs of solid economic growth from China. The Dow set a record high at the open only to lose ground and slip into the red after Senate majority leader Mitch McConnell was reported to be making contingency plans for the government to run out of money later this week.
Ahead of Thursday's open, stock futures were indicating another record open with gains tied to better-than-expected GDP and industrial production data from China, and in extension of Wednesday's 300+ point gain in the Dow.
The economic data introduced light profit-taking pressure with housing starts dropping 8.1% in December and the Philadelphia Fed business outlook index falling to a one-year low.
Selling accelerated in stocks and the dollar after Politico reported McConnell's plan to pin a government shutdown on the Democrats, echoing similar remarks made earlier by President Donald Trump. While losses have been across most sectors of the market, the energy and health care sectors are taking the brunt of today's losses.
European bourses closed higher, shrugging off weakness on Wall Street, with gains attributed to bullish Chinese economic data and strength in the chipmaker sector. Although gains were curbed by strength in the euro, Germany's DAX closed with a sizable gain.
Crude oil was up $0.07 to $64.04 per barrel. Natural gas was down $0.14 to $3.09 per 1 million BTU. Gold was down $8.00 to $1,331.20 an ounce, while silver was down $0.14 to $17.03 an ounce. Copper was up $0.01 to $3.20 per pound.
Among energy ETFs, the United States Oil Fund was up 0.31% to $12.82 with the United States Natural Gas Fund was down 4.14% to $24.54. Among precious-metal funds, the Market Vectors Gold Miners ETF was down 0.53% to 23.88 while SPDR Gold Shares were up 0.15% to $126.33. The iShares Silver Trust was down 0.03% to $16.05.
Here's where the markets stand at mid-day:
NYSE Composite Index was down 29.40 points (-0.22%) to 13,322.98
Dow Jones Industrial Index was down 91.69 points (-0.35%) to 26,023.96
S&P 500 was down 4.73 points (-0.16%) to 2,798.03
Nasdaq Composite Index was up 4.65 points (+0.06%) to 7,303.31
FTSE 100 was down 24.47 points (-0.32%) to 7,700.96
DAX was up 97.47 points (+0.74%) to 13,281.43
CAC 40 was up 0.84 points (+0.02%) 5,494.83
Nikkei 225 was down 104.97 points (-0.44%) to 23,763.37
Hang Seng Index was up 138.53 points (+0.43%) to 32,121.94
Shanghai China Composite Index was up 31.24 points (+0.91%) to 3,475.91
NYSE SECTOR INDICES
NYSE Energy Sector Index was down 36.33 points (-0.30%) to 12,149.29
NYSE Financial Sector Index was down 15.51 points (-0.18%) to 8,556.23
NYSE Healthcare Sector Index was down 59.66 points (-0.40%) to 14,962.97
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