US markets closed lower on policy uncertainty, North Korean tension

06 Sep 2017 Evaluate

The US markets closed lower on Tuesday, with the S&P 500 snapping a six-day winning streak, as investors focused on heightened tensions between the West and North Korea and worries about a lack of progress on President Donald Trump’s pro-growth agenda. Low trading volume, particularly as investors returned from a holiday-lengthened Labor Day weekend, added to the downbeat tone on Wall Street. On the economy front, factory orders for July slumped after being propelled in the previous month by a flurry of orders for Boeing aircraft. Orders fell 3.3% in July, after an upwardly revised 3.2% gain in June. That’s the biggest monthly drop in nearly three years. Orders for non-defense capital goods excluding aircraft jumped 1%.

Meanwhile, Federal Reserve Governor Lael Brainard pointed out that inflation has not hit the Fed’s 2% annual target over the past five years and the recent soft inflation may be due to depressed underlying inflation. The Federal Reserve may have to slow down the pace of interest-rate hikes given the recent low readings for inflation. The Fed has penciled in one rate hike this year and three next year. If low inflation proves transitory, then the Fed may hike rates along the lines of this forecast. In her speech, Brainard added that the Fed will have substantially more data in hand in coming months to help assess inflation trends, suggesting the Fed won’t consider another rate hike until December.

Moreover, Minneapolis Fed President Neel Kashkari said it is very possible that the central bank’s four interest-rate hikes since late 2015 could now be doing real harm to the economy. It is very possible that rate hikes over the past 18 months are leading to slower job growth, leaving more people on the sidelines, leading to lower wage growth, leading to lower inflation. Kashkari, who is a voting member of the Fed’s policy committee, was the lone dissenter for each of the Fed’s two rate hikes this year.

The Dow Jones Industrial Average lost 234.25 points or 1.07 percent to 21,753.31, the Nasdaq dropped 59.76 points or 0.93 percent to 6,375.57, and the S&P 500 edged lower by 18.7 points or 0.76 percent to 2,457.85.

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