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  3. US markets close in red on Monday ahead of key economic data

US markets close in red on Monday ahead of key economic data

27 Feb 2024 Evaluate

The US markets closed in red on Monday, and the major averages turned weak after a slightly positive start, as investors largely stayed cautious ahead of some key economic data, including a report on consumption expenditure. The Commerce Department's report on personal income and spending, which is scheduled to be released on Thursday, includes a reading on consumer price inflation said to be preferred by the Federal Reserve. The inflation data could have a notable impact on the outlook for interest rates, as Fed officials have said they need greater confidence inflation is slowing before cutting rates. Reports on durable goods orders, consumer confidence, weekly jobless claims and manufacturing activity are also likely to attract attention in the coming days.

On the economic data front, data released by the Commerce Department showed new home sales climbed 1.5 percent to an annual rate of 661,000 in January after surging by 7.3 percent to a revised rate of 651,000 in December. With the increase, new home sales continued to regain ground after hitting their lowest level in a year in November. Street had expected new home sales to jump by 2.4 percent to a rate of 680,000 in January from the 664,000 originally reported for the previous month. In stock specific development, Berkshire Hathaway lost nearly 2 percent, despite the group posted an annual profit of $97 billion, its second straight record annual profit.

Dow Jones Industrial Average fell 62.30 points or 0.16 percent to 39,069.23, Nasdaq declined 20.57 points or 0.13 percent to 15,976.25 and S&P 500 was down by 19.27 points or 0.38 percent to 5,069.53. 

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