US markets closed mostly higher on Monday

27 Jun 2017 Evaluate

The US markets closed mostly higher on Monday, but the Nasdaq Composite faltered, putting pressure on the broader market. The Atlanta Federal Reserve’s GDP Now forecast model showed that the US economy is growing at a 2.9 percent annualized pace in the second quarter based on the latest data on durable goods orders and new home sales in May. The latest second-quarter gross domestic product estimate was unchanged from the previous reading calculated on June 16. New York Fed President William Dudley, a permanent voter on U.S. interest rates and a close ally of Fed Chair Janet Yellen, said that the recent narrowing of credit spreads, record stock prices and falling bond yields could encourage the Federal Reserve to continue tightening US policy. Dudley has repeatedly warned that the Fed would raise rates more aggressively if financial conditions did not tighten as desired, and vice versa.

On the economy front, orders for durable goods such as planes and computers fell in May for the second month in a row and registered the biggest drop in six months, suggesting that an early-year surge has faded. Durable-goods orders slipped 1.1% last month following a similar decline in April. Orders for large airplanes, a category that often shows big swings, sank nearly 12% in May. Yet orders for new autos rose 1.3% in May and increased for the second straight month. A key measure of business investment known as core capital-goods orders, meanwhile, fell 0.2% to mark the first decline of 2017.

Separately, the Chicago Federal Reserve said its barometer on US economic activity retreated in May from its highest level since early 2014 due to a sharp deceleration in production, employment and housing activities. The regional central bank’s national activity index dropped to -0.26 last month from an upwardly revised +0.57 in April, which was the strongest since +0.59 in March 2014. The April reading was originally reported at +0.49.

The Dow Jones Industrial Average added 14.79 points or 0.07 percent to 21,409.55, S&P 500 edged higher by 0.77 points or 0.03 percent to 2,439.07, while Nasdaq lost 18.1 points or 0.29 percent to 6,247.15.

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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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