US markets closed mostly lower; Nasdaq finished at a record highs

25 Jul 2017 Evaluate

The US markets closed mostly lower on Monday, though the Nasdaq finished at a record shaking off broader market weakness as investors kicked off a busy week of earnings, a Federal Reserve policy meeting and economic data. Nearly 200 S&P 500 companies are scheduled to report quarterly results this week while the Federal Open Market Committee is slated to begin its two-day meeting on Tuesday. Data on consumer confidence, housing industry, jobless claims and second-quarter gross domestic product growth are scheduled for release this week. The International Monetary Fund has lowered its US economic growth forecasts for this year and next. In its World Economic Outlook update released Sunday, the IMF cut its US gross domestic product forecast for 2017 to 2.1% from a prior forecast of 2.3%, and its 2018 outlook to 2.1% from 2.5%. The downgrade for this year partly reflects weak first-quarter growth. But the biggest factor behind growth revisions, especially for 2018, is the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of US fiscal policy changes. It added that market expectations of fiscal stimulus have also pulled back.

On the economy front, a reading of US manufacturing output reached a four-month high in July. The IHS Markit flash US manufacturing purchasing managers index rose to 53.2 from 52 in June, as there was acceleration in readings for output, new orders, employment and stocks of input. Manufacturers linked higher volumes of new work to improving demand conditions and signs of reduced risk aversion among clients. Industrial production in June rose for the fifth straight month, helped by improving oil and gas production as oil prices stabilize and a weaker dollar. The IHS Markit flash US services PMI meanwhile stayed at 54.2, tied for the best level since January.

On the other hand, sales of previously-owned homes fell to the lowest pace since February as strong demand bumped up against limited supply. Existing-home sales were at a 5.52 million seasonally adjusted annual rate in June, the National Association of Realtors said. That was 0.7% above the year-ago rate, but 1.8% lower than in May and marked the second-lowest monthly tally of 2017. Supply remains the biggest driver of the market now. Total inventory was 7.1% lower than a year ago, and at the current pace of sales, it would take 4.3 months to exhaust all supply.

The Dow Jones Industrial Average lost 66.9 points or 0.31 percent to 21,513.17, S&P 500 edged lower by 2.63 points or 0.11 percent to 2,469.91, while Nasdaq added 23.06 points or 0.36 percent to 6,410.81.

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