US markets closed mostly higher; Dow falls for 3rd straight session

02 May 2018 Evaluate

The US markets closed mostly higher on Tuesday, as a sharp rally in technology stocks helped the S&P 500 and the Nasdaq shake off an early decline. However, the Dow fell for a third straight session as caution remained high ahead of the conclusion of a Federal Reserve policy meeting and fresh developments in global trade. The Federal Reserve began a two-day meeting Tuesday. When it wraps, the central bank is expected to leave interest rates on hold and signal no change to a tightening path of two more rate increases in 2018. Changes to Fed policy - in addition to interest rates, the US central bank is shrinking the size of its balance sheet - are widely seen as one of the biggest headwinds facing markets. The US tariffs on aluminum and steel imports were in focus again. President Donald Trump late Monday gave top allies - the European Union, Canada and Mexico - an extension to the tariff exemption to allow more time negotiate a new pact to avoid the levies. The tariffs of 25% on steel and 10% aluminum - already in effect against China, Russia, Japan and others - were slated to come into effect on May 1, but have now been pushed back to June 1.

On the economy front, American manufacturers grew at a slower pace in April, hindered by the highest prices since 2011 for raw materials such as steel as well as supply and labor shortages. The Institute for Supply Management said its manufacturing index fell to 57.3% last month from 59.3% in December. The ISM’s index for new orders was little changed at 61.2%, but production fell 3.8 points to 57.2% and the employment gauge slipped to 54.2% from 57.3%. That’s the lowest level in almost a year. At the same time, though, the prices paid index that reflects what companies pay for supplies rose to the highest level since 2011. It’s more evidence that inflation in the US is marching higher.

On the other hand, Chicago PMI inched up in April to a reading of 57.6. The increase only slightly retraced the big drop in March, when the index fell to 57.4 from 61.9 in February. New-orders growth hit a 15-month low. Separately, a key inflation gauge rose to 12-month rate of 2%, hitting the Federal Reserve’s target for the first time in a year and potentially signaling a faster increase in US interest rates. The PCE index, the Fed’s preferred inflation barometer, rose to 2% year over year from a 1.7% pace in February. The 12-month increase in the more closely followed core rate of inflation was close behind, rising to 1.9% in March from 1.6% in the prior month. That’s the biggest yearly gain in the core rate since April 2012.

The Nasdaq gained 64.438 points or 0.91 percent to 7,130.70, the S&P 500 was up by 6.75 points or 0.25 percent to 2,654.80, while the Dow Jones Industrial Average lost 64.1 points or 0.27 percent to 24,099.05.

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