Wall Street ends lower amid trade war concerns

US stock indices closed the third session of the week lower after closing on Monday for the Memorial Day holiday, while President Donald Trump imposed tariffs on steel and aluminum imports from Canada, Mexico, and the European Union, triggering fears of a global trade war. 

Earlier US data showed unemployment claims fell 13 thousand to 221 thousand from 234 thousand, as analysts expected 228K, while continuing claims fell 16 thousand in the week ending May 19 to 1.726 million from 1.742 million, as analysts expected 1.733 million. 

Personal spending rose 0.6% in April, up from 0.5% in March, and beating forecasts of 0.4%, while personal income rose 0.3% as expected from 0.2%. 

Core personal spending rose 0.2% m/m, beating forecasts of 0.1%, while steadying up at 1.8% y/y in line with forecasts. 

Chicago PMI rose to 62.7 in May from 57.6 in April, beating forecasts of 58.2, while  pending home sales fell 1.3% m/m in April, compared to a 0.6% rise, revised from 0.4% in March, missing expectations of a 0.4% rise, while rising 0.4% y/y, compared to a 4.3% drop in the previous yearly reading. 

Dow Jones fell 1.02%, or 251.94 points to 24,415.84, while Standard and Poor's 500 shed 0.69%, or 18.74 points to 2,705.27. NASDAQ Composite inched down 0.27%, or 20.34 points to 7,442.12. 

How Commodities Fared 

Gold futures due on August 15 fell 0.20% to $1,303.90 an ounce from the opening of $1,306.50, while the dollar index slipped 0.07% to 94.00 from the opening of 94.07. 

US crude futures due on July 15 fell 1.79% to $66.99 a barrel from the opening of $67.21, while Brent futures due on July 15 rose 0.12% to $77.59 a barrel from the opening of $77.50, after the EIA report showed an inventory drawdown.