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  3. US markets closed lower for second straight session

US markets closed lower for second straight session

13 Jun 2017 Evaluate

The US markets closed lower on Monday, for the second straight session of firm losses in technology shares, but the shift away from tech appears to be feeding recently unloved sectors and smaller-cap stocks. US inflation expectations tumbled last month, with one key measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of New York survey that could amplify the central bank’s concern over a broad slump in prices. The survey of consumer expectations, an increasingly valuable gauge for the Fed, showed that median three-year-ahead inflation expectations fell to 2.47 percent last month, from 2.91 percent in April. That brought the measure to a 16-month low after it had hovered near a record high the last six months. Treasury Secretary Steven Mnuchin said that the US federal government will have enough cash flow to pay its bills through at least early September despite the limit on more government borrowing, while urging lawmakers to raise the debt limit soon. Mnuchin repeated his call for Congress to pass a bill authorizing further borrowing before lawmakers break for a long August summer recess.

On the economy front, the federal government ran a budget deficit of $88 billion in May, up from $53 billion in the same month a year ago. Spending was $329 billion in the month, compared to $277 billion in May 2016. Receipts for May were $240 billion, up from $225 billion a year ago. The Treasury said that the monthly deficit would have been much narrower if not for one additional Wednesday in May 2017 and a shift of timing in benefit payments. For the fiscal year to date, the deficit is up 7%. The budget year runs from October through September.

The Dow Jones Industrial Average lost 36.3 points or 0.17 percent to 21,235.67, Nasdaq was down 32.45 points or 0.52 percent to 6,175.47, while S&P 500 edged lower by 2.38 points or 0.10 percent to 2,429.39.


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