US markets closed lower on North Korea's threat

26 Sep 2017 Evaluate

The US markets closed lower on Monday, on the back of a fresh flare up in tensions between the US and North Korea and a sharp decline in technology shares. North Korean foreign minister Ri Yong Ho, speaking in New York, described President Donald Trump’s recent comments about North Korea as clearly a declaration of war, and said Pyongyang has the right to shoot down US bombers. Meanwhile, New York Fed President William Dudley said that the Federal Reserve is on track to gradually raise interest rates given the recent inflation weakness is fading and the US economy’s fundamentals are sound, reinforcing the central bank’s confident tone. Dudley, among the first US central bankers to speak publicly since a decision last week to hold rates steady for now, cited the soft dollar and strong overseas growth among the reasons he expects slightly above-average US economic activity and a long-sought rise in wages.

On the other hand, Chicago Fed President Charles Evans said that the US central bank should hold monetary policy steady until there are clear signs of building wage and price pressures. The Fed should avoid taking policy steps that could be misread as a lack of concern over the inflation outlook. The Chicago Fed President said raising rates, without fresh signs of inflation, could actually delay getting to the price level up to the central bank’s 2% target. Inflation has been almost continuously below the Fed’s 2% target since 2008, leading many people to expect inflation will stay subdued. Evans added that there is little in the recent data to suggest inflation will soon rise to target.

On the economy front, factory output and consumer spending were a negative tug on the Chicago Fed’s index of national economic activity for August, while hiring offered a smaller boost last month than in July. The Chicago Fed’s national activity index slumped to a negative 0.31 in August from an upwardly revised, but still barely positive, 0.03 in July, in what was yet another turn for an especially volatile measure over the past handful of months. The index’s less-volatile, three-month moving average decreased to negative 0.04 in August from a neutral reading in July. The Chicago Fed index is a weighted average of 85 economic indicators, designed so that zero represents trend growth and a three-month average below negative 0.70 suggests a recession has begun.

The Dow Jones Industrial Average lost 53.5 points or 0.24 percent to 22,296.09, the Nasdaq was down 56.33 points or 0.88 percent to 6,370.59, and the S&P 500 edged lower by 5.56 points or 0.22 percent to 2,496.66.

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