The US markets ended choppy trading session mostly in red on Monday as investors looked ahead to European Central Bank and the Federal Reserve monetary policy moves amid an uncertain future for US-China trade relations. The European Central Bank is widely expected to deliver a further rate cut, pushing its deposit rate into negative territory, when policy makers meet Thursday. The ECB may also move to restart a bond-buying program it ended in December as it responds to a slowing economy and stubbornly below-target inflation. Expectations for more stimulus were high even as German exports unexpectedly rose in July, following a run of downbeat economic data out of Europe’s largest economy. In addition, Fed policy makers meet next week, with recent data, including last Friday’s weaker-than-expected jobs report, seen underlining expectations it will move to cut its key lending rate.
On the economic front, a report on consumer borrowing showed a pickup in July, with borrowing rising at the fastest rate in almost two years, according to Fed data. Total consumer credit increased $23.3 billion. That’s an annual growth rate of 6.8%, up from a 4.1% rate in the prior month, representing the fastest pace since November 2017.
Nasdaq declined 15.64 points or 0.19 percent to 8,087.44 and S&P 500 lost 0.28 points or 0.01 percent to 2,978.43, while Dow Jones Industrial Average was up by 38.05 points or 0.14 percent to 26,835.51.
