US markets end mostly lower as tech giants come under closer govt scrutiny

04 Jun 2019 Evaluate

The US Markets ended mostly lower, with Nasdaq closing cut of over one and half percent, on Monday amid reports that the US government is planning to target a host of big companies in the industry with antitrust and business practice probes. Shares of Alphabet, Amazon, Facebook and Apple all weighed on the market during Monday’s session. Further, trade concerns also continued to weigh on the markets after an official document from the Chinese government blamed the US for the escalating trade dispute between the world’s two largest economies. The white paper, issued by China's State Council Information Office, argued the US is solely responsible for the collapse of trade talks. China accused President Donald Trump's administration of continually changing its demands, arguing the setbacks in the talks were all the result of US breach of consensus and commitments, and backtracking.

On the economic front, construction spending in the US came in virtually unchanged in the month of April, according to a report released by the Commerce Department. The Commerce Department said construction spending edged down by less than a tenth of a percent to an annual rate of $1,298.5 billion in April after inching up by 0.1 percent to a revised rate of $1,299.2 billion in March. The slight drop came as a surprise to participants, who had expected spending to climb by 0.4 percent compared to the 0.9 percent slump originally reported for the previous month. The nearly unchanged rate of construction spending came as a jump in spending on public construction was offset by a steep drop in spending on private construction. Besides, a report released by the Institute for Supply Management (ISM) showed the pace of growth in US manufacturing activity unexpectedly saw a continued slowdown in the month of May. The ISM said its purchasing managers edged down to 52.1 in May from 52.8 in April, dropping to its lowest level since hitting 51.7 in October of 2016. While a reading above 50 still indicates growth in the manufacturing sector, street had expected the index to inch up to 53.0.

Nasdaq declined 120.13 points or 1.61 percent to 7333.02 and S&P 500 was down by 7.61 points or 0.28 percent to 2744.45, while Dow Jones Industrial Average gained 4.74 points or 0.02 percent to 24819.78.

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