US markets closed lower on geopolitical issues

06 Jun 2017 Evaluate

The US markets closed lower on Monday, as investors grappled with a variety of geopolitical issues, such as terrorist attacks in London ahead of the UK election and the scheduled public testimony of fired Federal Bureau of Investigation Director James Comey. On the economy front, the service-oriented companies where most Americans work grew at a slightly slower but still rapid pace in May. The Institute for Supply Management said its nonmanufacturing index fell 0.6 points to 56.9% in May. Any reading above 50 indicates improving conditions, however. The index is compiled from a survey of executives who order raw materials and other supplies for their companies. The gauge tends to rise or fall in tandem with the health of the economy. New orders fell last month, no surprise after they hit a 12-year high in April. The production gauge stood at 60.7% in May, just a bit lower compared with April. Sixteen of the 17 industries tracked by the ISM expanded last month. The sole exception: educational services as the school year drew to a close. An index that measures employment, meanwhile, jumped 6.4 points to 57.8% - close to a two-year high.

Meanwhile, factory orders dipped 0.2% in April. That matched the Econoday consensus forecast and was the first monthly decline after a four-month stretch of increases. March’s 0.2% increase was revised up to a hefty 1.0% rise. For the year to date, orders are 4.4% higher than in the same period a year ago. Excluding transportation, which can be volatile, orders rose 0.1% during the month, and are 5.5% higher compared to the same period in 2016. The government said productivity of American companies and their employees was unchanged in the first three months of 2017 instead of declining at a 0.6% annual rate. The biggest change: The increase in output, or how many goods and services companies produce, was raised to 1.7% from 1%. The amount of hours employees worked, meanwhile, was revised to a slightly higher 1.7% gain instead of 1.6%. Unit-labor costs rose a revised 2.2% vs. the prior 3% reading.

The Dow Jones Industrial Average lost 22.25 points or 0.10 percent to 21,184.04, Nasdaq was down 10.12 points or 0.16 percent to 6,295.68, while S&P 500 edged lower by 2.97 points or 0.12 percent to 2,436.10.

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