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  3. US markets closed mostly lower; Nasdaq reports minor gains

US markets closed mostly lower; Nasdaq reports minor gains

13 Mar 2018 Evaluate

The US markets closed mostly lower on Monday, weighed down by the industrials sector, while the Nasdaq closed at a record, in part due to optimism over Friday’s jobs data, which showed solid economic growth without triggering wage pressure. With nothing major on the economic-data calendar, the market’s focus will likely remain on last week’s so-called Goldilocks jobs numbers. Separately, US inflation expectations edged higher last month, with one measure hitting its highest level in a year, according to a Federal Reserve Bank of New York survey that adds to signs of price pressures. The survey of consumer expectations, which the Fed considers among other data as it continues to gradually raise interest rates, showed median one-year ahead inflation expectations rose to 2.83 percent from 2.71 percent in January, the highest reading since February 2017. The three-year measure was 2.88 percent in February, up from 2.79 the month before.

On the economy front, the US government recorded a monthly budget deficit of $215 billion in February, up 12% from the same month last year due to lower revenue and higher spending. For the first five months of the fiscal year, the government’s deficit is $391 billion, $40 billion more than the shortfall during the same period last year. Revenues were down 9% in February from same month last year. Withholding taxes were 2% lower. Spending was $7 billion more than in the same period a year ago. Outlays for net interest on the public debt increased by 9% and stood at $28 billion. The rise in spending was led by gains in military spending and for the aftermath of last years’ hurricanes.

The Dow Jones Industrial Average lost 157.13 points or 0.62 percent to 25,178.61, the S&P 500 was down by 3.55 points or 0.13 percent to 2783.02, while Nasdaq gained 27.515 points or 0.36 percent to 7,588.32.




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