US markets closed mostly lower; Dow logs all-time high

01 Aug 2017 Evaluate

The US markets closed mostly lower on Monday, while the Dow industrials finished at an all-time high, but the broader market’s gains were hobbled by losses in the technology sector. For the month, the Dow registered a 2.5% return, while the S&P ended up 1.9% and the Nasdaq climbed 3.4% in July. The Nasdaq, which lost ground in June, has posted eight positive months out of the past nine. Federal Reserve Vice Chairman Stanley Fischer said that US companies are likely holding back on investing in their businesses due to an uncertain outlook for government policies. Fischer said uncertainty over the outlook for health care, regulation, taxes and trade could prompt firms to delay projects until the policy environment is clearer. He added that one reason US firms are investing tepidly despite low interest rates is because gains in worker productivity appear to be slowing. But elevated uncertainty, both political and economic, has likely also played a role.

On the economy front, the economy in the Chicago region grew rapidly in July but cooled a bit from earlier in the summer, indicating that businesses are still confident despite political drama in Washington. The Chicago business barometer, or Chicago PMI, slipped to 58.9 in July from a three-year high of 65.7 in June. The decline broke a string of five straight increases. The Chicago region is a good window into the broader US economy because of its diversified array of firms in the nation’s most important business sectors. Bankers reported weaker demand for business loans in the second quarter, according to the latest survey from the Federal Reserve released. The Fed’s senior loan officer survey found that a quarter of respondents reported weaker demand for business loans from large- and middle-market firms over the April-June period even though banks left business lending standards unchanged. About 20% of the banks reported weaker demand from small firms.

On the other hand, home-purchase contract signings jumped in June after three months of declines, another reflection of choppy momentum in the housing market. The pending home sales index from the National Association of Realtors rose 1.5% to a level of 110.2. May’s reading was revised upward. In June, only the Midwest saw a decline, with pending sales down 0.5% for the month and 3.4% for the year. Pending sales in the Northeast edged up 0.7% during June and are 2.9% higher compared to a year ago. In the South, pending sales rose 2.1% and stand 2.6% higher compared to last June. And in the West, sales rose 2.9% in June, but are 1.1% lower than a year ago.

The Nasdaq lost 26.56 points or 0.42 percent to 6,348.12, S&P 500 edged lower by 1.8 points or 0.07 percent to 2,470.30, while the Dow Jones Industrial Average added 60.81 points or 0.28 percent to 21,891.12.

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