The US closed lower on Monday, with the Nasdaq ending a nine-day rally as investors found few reasons to push shares deeper into record territory in a thinly traded session. The US bond market was closed in observance of Columbus Day, which contributed to the light trading action in equities. Global financial markets will focus on minutes of the Federal Reserve’s latest policy meeting, as investors look for more hints on the timing of the next US rate hike. Investors will also keep an eye out on a few US economic reports, with Friday’s inflation data in the spotlight, to gauge how it will impact the Fed’s view on monetary policy in the coming months. Meanwhile, a public feud between President Donald Trump and influential fellow Republican Bob Corker could narrow the path for a tax overhaul in the US Senate, where a Republican go-it-alone effort is already showing signs of disunity. Days after the Republican-controlled Congress took important steps toward advancing tax legislation, Trump’s attacks on Senator Corker over the weekend threatened to further alienate the president from other key Republicans such as Senator John McCain, whose ‘No’ vote was pivotal in the party’s failure to repeal Obamacare in July.
The Dow Jones Industrial Average lost 12.6 points or 0.06 percent to 22,761.07, the Nasdaq dropped 10.45 points or 0.16 percent to 6,579.73, and the S&P 500 edged lower by 4.6 points or 0.18 percent to 2,544.73.