US markets snap seven-day winning streak

31 May 2017 Evaluate

The US markets closed lower on Tuesday, as energy shares weighed on Wall Street, leading to break a seven-session streak of advances for the S&P 500 and Nasdaq Composite. In political news, which has proved one of the equity market’s main drivers, North Korea on Monday held its third missile launch in as many weeks and claimed it has improved on its ability to accurately fire long-range ballistic missiles, an alarming development if confirmed. Adding to the market’s concerns were reports over the weekend that President Donald Trump’s son-in-law and senior adviser Jared Kushner had considered setting up a secret channel of communication with Russia during the presidential transition. A secure communications line would have made it more difficult for the US intelligence agencies to intercept and listen to any conversations. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is expected to grow at a 3.8 percent annualized pace in the second quarter based on a report that showed an increase in personal spending in April. The latest second-quarter gross domestic product estimate was faster than the 3.7 percent clip calculated on May 26.

On the economy front, consumer confidence fell in May for the second month in a row, suggesting Americans have tempered their expectations for the economy after a huge burst of optimism earlier in the year. The consumer confidence index dropped to 117.9 in May from 119.4 in April. Just three months earlier, consumer confidence hit its highest level in more than 16 years on hopes that a pro-business Trump administration would give the economy a jolt. An index that measures current economic conditions edged up to 140.7 from 140.3, but a gauge that looks out six months dipped to 102.6 from 105.4. However, US consumer spending rose 0.4% in April, while personal income was up by the same amount. Both were in line with expectations. Separately, personal-consumption expenditures climbed 0.2% in the month; core PCE was also up 0.2%. Case-Shiller’s March 20-city report on home prices showed growth of 5.9%, slightly better than expected and the strongest annual price gain since July 2014.

Fed Governor Lael Brainard said a US rate hike is probably coming soon though the Federal Reserve may want to delay if inflation remains soft, adding she also backs shrinking the bond portfolio before too long. She is however most concerned with a lack of progress in pushing inflation up toward a 2-percent goal in recent months. Brainard largely agreed, saying the process should be set on autopilot and be calibrated to the differences between maturing Treasury- and mortgage-backed assets. She also suggested it would likely begin this year, noting the process could be halted and even reversed if the US economy faced an adverse shock.

The Dow Jones Industrial Average lost 50.81 points or 0.24 percent to 21,029.47, Nasdaq was down 7.0 points or 0.11 percent to 6,203.19, while S&P 500 edged lower by 2.91 points or 0.12 percent to 2,412.91.

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