US markets closed lower for second straight day

01 Jun 2017 Evaluate

The US markets closed lower on Wednesday, but off their worst levels of the session, notching gains for the month as a slump in bank shares and a mixed reading of economic reports weighed on investor sentiment. Coupled with the drop in oil prices and reports that former FBI Director James Comey will publicly testify that President Donald Trump pushed him to end the probe into former national-security adviser Michael Flynn also weighed on the sentiments. On the economy front, a reading for pending-home sales came in below expectations. Pending-home sales from the National Association of Realtors fell 1.3% to a level of 109.8 from a reduction in the March reading, whereas a gauge of economic health, the Chicago business barometer, or Chicago PMI, rose to 59.4 in May, its highest level in two and half years. Earlier, reporting agency MNI Indicators had mistakenly said the gauge fell to 55.2.

Meanwhile, the Federal Reserve said the economy expanded at modest to moderate pace through late May but that growth frayed in some regions, raising questions about whether the central bank will reassess its strategy after an expected increase in interest rates in mid-June. The Fed’s survey of the economy, known informally as the Beige Book, painted a generally upbeat view of growth in the US in the period from early April through late May. The report appears to strengthen the case the Fed will raise a key short-term interest rate again at its next big meeting in two weeks. Yet the latest Beige Book was also more tempered compared with the Fed’s previous roundup. Although most regions were going strong, the Fed said, the economies slowed a bit in Boston and Chicago while New York indicated that activity had flattened out. The Beige Book noted that growing labor-market shortages are forcing many companies to offer higher wages, especially for high-skilled workers or those with specialized skills, but price pressures were little changed compared with a few months ago. The labor shortages may also be contributing to slower economic growth in some parts of the country.

The Dow Jones Industrial Average lost 20.82 points or 0.10 percent to 21,008.65, Nasdaq was down 4.67 points or 0.08 percent to 6,198.52, while S&P 500 edged lower by 1.11 points or 0.05 percent to 2,411.80.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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