| Wall Street finished Thursday as red as it opened, as simmering tensions between the US and China remained firmly on investors' minds. The Dow Jones Industrial Average ended down 0.8% at 24,461.70, the S&P 500 lost 0.63% to 2,749.76, and the Nasdaq 100 was off 0.87% at 7,217.49. “The week started with the US and China announcing tariffs against one another which will come into effect on 6 July, and it will end with the European Union announcing counter-tariffs against the world’s largest economy in response to those already imposed,” noted Oanda analyst Craig Erlam. “While much of what has been announced this week was already anticipated, the rhetoric between these huge trading partners is heating up and that’s a major concern for investors.” Erlam added that oil prices were coming under pressure again as investors awaited the outcome of a meeting in Vienna between OPEC and a number non-OPEC countries, where producers were due to discuss whether to, and how to, increase output following recent success in reducing global inventories. “It is believed there is some dispute between members on how much to increase output by, with Iran reportedly opposed to bowing to pressure from the US.” Oil prices were mixed after US markets closed, with West Texas Intermediate last up 0.18% to $65.83 per barrel, and Brent crude 2.23% lower at $73.11. On the data front, the number of Americans filing for unemployment benefits fell to a six-week low last week, according to data from the Labor Department. Initial jobless claims declined by 3,000 to 218,000 from the previous week’s level, which was revised up by 3,000 to 221,000. Economists had been expecting a level of 220,000 claims. The four-week moving average came in at 221,000, down 4,000 from the previous week’s level, which was revised up by 750. Elsewhere, manufacturing conditions in the Philadelphia region deteriorated more than expected in June, according to a fresh survey. The index for current manufacturing activity in the region fell to 19.9 from a revised reading of 34.4 in May, missing economists’ expectations of 29.0. It was still above the zero reading that separates contraction from expansion. In corporate news, AT&T gave up earlier gains to finish down 1.25%, after it announced an alliance with Brookfield Infrastructure to offer colocation and other services to customers in 18 internet data centres in the US and 13 overseas. As part of the deal, AT&T will get $1.1bn, which it said it would use to cut debt. Elsewhere, Micron Technology was ahead 0.83% after it posted well-received earnings late on Wednesday, but American Outdoor Brands lost 3.25% after its quarterly report late on Wednesday. Olive Garden parent Darden Restaurants surged 14.79% after its fourth-quarter numbers, while grocery giant Kroger picked up 9.61%. Bookseller Barnes & Noble lost 3.88%, managing to claw back some earlier losses, after it reported shortly before the opening bell. | 
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