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  3. US markets closed lower on Monday

US markets closed lower on Monday

30 Jan 2018 Evaluate

The US markets closed mostly lower on Monday, with the Dow and the S&P 500 having their worst day this year, as the appetite for equities was dampened by a pickup in borrowing costs. After last week’s gains, traders appeared to be pausing and awaiting a number of potentially market-moving events over the next several days. US government debt yields rose, with the benchmark 10-year note hitting its highest level in almost four years, while the US dollar recovered somewhat from last week’s turbulence, prompted by conflicting comments from the Trump administration at Davos. Looking ahead, investors await a key speech by President Donald Trump on Tuesday, an updated policy statement from the Federal Reserve on Wednesday, a monthly jobs report on Friday and corporate quarterly results from a batch of technology heavyweights throughout the week.

On the economy front, consumer spending climbed 0.4% in December, capping off the biggest increase in household buying since 2011. Incomes rose 0.4% in December and advanced 3.1% for the full year. But the gain was a much smaller 1.2% if inflation is taken into account - the lowest reading since 2010. Households drew even more heavily on their savings to fund their purchases. The savings rate fell to 2.4%, the lowest level since 2005. The PCE index, the Federal Reserve’s preferred inflation gauge, edged up to 0.1% in December. The closely followed core rate that strips out food and energy rose 0.2%. The rate of inflation over the past year slipped to 1.7% from 1.8%, however. The core rate was flat at 1.5%. Inflation, meanwhile, remained relatively tame at year end, hovering just below the Fed’s 2% target.

The Dow Jones Industrial Average dropped 177.23 points or 0.67 percent to 26,439.48, the Nasdaq lost 39.267 points or 0.52 percent to 7,466.50, and the S&P 500 edged lower by 19.34 points or 0.67 percent to 2,853.53. 


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