US markets closed mostly higher on Tuesday

12 Jul 2017 Evaluate

The US markets closed mostly higher on Tuesday, with the Nasdaq extending its winning streak to a third session as a pair of political developments dominated the news cycle. Traders are also looking ahead to the start to the next earnings season. Meanwhile, a day ahead of Federal Reserve Chair Janet Yellen’s testimony to Congress on the state of the US economy, two of her colleagues cited low wage growth and muted inflation as reasons for caution on further interest rate increases. Fed Governor Lael Brainard supported the June rate rise and embraced the plan to reduce the balance sheet soon, but suggested her support for any future rate increases will depend in part on how inflation shapes up. Brainard added that she wants to monitor inflation developments carefully, and to move cautiously on further increases in the federal funds rate, so as to help guide inflation back up around our symmetric target. Minneapolis Federal Reserve Bank President Neel Kashkari said he finds it hard to believe that the US economy is in danger of overheating when wage growth is so low.

On the economy front, the number of job openings in the US fell sharply in May as companies hired the most people since 2004. Job openings fell by 301,000 in May to 5.66 million, just one month after reaching the second highest level ever, according to the government’s job openings and labor turnover survey, known by its Job Openings and Labor Turnover Survey (JOLTS) acronym. The quits rate, meanwhile, rose a tick to match a post-recession high of 2.2%. Quits measure how many people leave their jobs by their own choice. A higher number suggests Americans are confident enough about the economy to more readily change jobs.

Meanwhile, small-business sentiment fell again in June as business owners grew increasingly frustrated with Washington gridlock. The monthly sentiment tracker from the National Federation of Independent Business ticked down 0.9 points to 103.6, the fifth-straight month of declines or unchanged readings. The index now sits halfway between its pre-election reading of 98.4, and 105.8, the level to which it surged after the upset election of Donald Trump.

The Dow Jones Industrial Average added 0.55 points to 21,409.07, the Nasdaq added 16.92 points or 0.27 percent to 6,193.31, while S&P 500 edged lower by 1.9 points or 0.08 percent to 2,425.53.

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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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