US markets closed lower on Tuesday

14 Mar 2018 Evaluate

The US markets closed lower on Tuesday, as the technology and financial sectors came under pressure even as investors mostly shrugged off President Donald Trump’s decision to replace Secretary of State Rex Tillerson. Stocks had rallied earlier after closely watched consumer-inflation data was in line with expectations, helping to placate worries that rising prices would hasten interest-rate hikes by the Federal Reserve. According to the Organisation for Economic Co-operation and Development (OECD), the global economy will grow close to 4 percent this year and next, better than previously anticipated, which added a warning that a trade war could roll back the gains seen in recent years. Upgrading its forecasts, the Paris-based group in part cited US tax cuts for the better numbers. It sees the world economy expanding 3.9 percent in both 2018 and 2019, the strongest since 2011. That’s up from 3.7 percent and 3.6 percent respectively compared with its November projections. It said that the tax cuts in the US will boost business investment and could add as much as 0.75 percentage point to growth this year and next in the world’s largest economy. The outlook for 2018 US expansion was upgraded to 2.9 percent from 2.5 percent, and the euro area was lifted to 2.3 percent from 2.1 percent. The better global growth will be accompanied by a modest pickup in inflation.

On the economy front, the index of small-business optimism from the National Federation of Independent Businesses rose 0.7 point in February to a reading of 107.6, the second-highest reading in its history. The index of sentiment among small-business owners has been on a tear ever since tax cuts were enacted. Separately, the consumer price index rose a mild 0.2% in February after a worrisome 0.5% increase in the first month of the year. The cost of housing rose and the price of clothes and auto insurance posted surprisingly large gains for the second month in a row. The increase in the CPI over the past 12 months edged up to 2.2% from 2.1%. After stripping out gas and food, the more closely followed core rate of inflation also rose 0.2% last month. The 12-month rate of core inflation was unchanged at 1.8% for the third month in a row. Inflation-adjusted US hourly wages were flat in February. They’ve risen just 0.4% in the past year.

The Dow Jones Industrial Average lost 171.58 points or 0.68 percent to 25,007.03, Nasdaq dropped 77.313 points or 1.02 percent to 7,511.01, while the S&P 500 was down by 17.71 points or 0.64 percent to 2765.31.

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