US markets closed lower ahead of Jackson Hole meet

24 Aug 2017 Evaluate

The US markets closed lower on Wednesday, with the main indexes undoing some of the solid gains from the previous session as investors turned their attention to the Jackson Hole, Wyo., meeting of global central bankers and digested comments from President Donald Trump’s Tuesday night rally in Phoenix. Wednesday’s modest bout of selling could be partly due to controversial comments from Trump, who late Tuesday said that he’s ready to shut down the government to win funding for a border wall with Mexico. Trump, during a rally with his supporters in Phoenix, also warned of the possible termination of the North American Free Trade Agreement.

On the economy front, new-home sales tumbled in July, a discouraging development for a market starved for supply. Sales of newly-constructed homes were at a seasonally adjusted annual rate of 571,000. That was 9.4% lower than an upwardly-adjusted June rate of 630,000, and 8.9% below the year-ago level. The median sales price in July was $313,700, 6.3% higher than a year ago. At the current pace of sales, it would take 5.7 months to exhaust all supply, among the highest ratios of the past few years. The Commerce Department’s monthly new home sales and construction reports are based on small samples of data and are often heavily revised. Sales so far in 2017 are running 9.2% higher than for the same period in 2016, signaling slow and steady momentum.

Meanwhile, the service and manufacturing sectors went in different directions in August. The IHS Markit flash manufacturing purchasing managers index fell to a two-month low of 52.5 from 53.3 in July, while the services PMI rose to a 28-month high of 56.9, up from 54.7 in July. Any reading above 50 indicates improving conditions. The flash responses are based on about 85% to 90% of total PMI survey responses each month.

The Dow Jones Industrial Average lost 87.8 points or 0.40 percent to 21,812.09, the Nasdaq dropped 19.07 points or 0.30 percent to 6,278.41, while the S&P 500 edged lower by 8.47 points or 0.35 percent to 2,444.04.

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