Wall Street mixed amid weak data and strong tech shares
On Monday, the major stock indexes in the U.S. struggled to make a determined move as the weak macro data was countered by the strong performance of tech shares.
Led by gains in Apple (AAPL.O), the tech-heavy Nasdaq Composite reached a new record high at 6,100.73 and closed the day 6,091.60, adding 44 points, or 0.73 on Monday. The Dow Jones Industrial Average dropped 27.05 points, or 0.13%, to 20,913.46, and after erasing most of its daily gains, the S&P 500 closed at 2,386.25, 5.75 points, or 0.24%, higher on the day.
- Forex today: antipodeans outperform, dollar mixed, US data misses yet again
Thye indexes had a positive start to the day after an agreement to keep the government funded until October brought a short-term relief rally. On the other hand, today's data supported the view of the US economy losing momentum in 2017 and capped the gains in the indexes. "The economic data today is causing some investor nervousness ahead of the jobs report this Friday," Matt Miskin, senior capital markets research analyst at John Hancock Investments in Boston, told Reuters.
Speaking at the Milken Institute Global Conference in Beverly Hills, California, U.S. Treasury Secretary Steven Mnuchin suggested that the economic growth could reach the 3% mark via Trump's administration's tax cuts. However, the details of the plan are still vague, and it's still unclear if the Republicans could receive some bi-partisan support.
Headlines from the U.S. session
- ISM: Sugar high is wearing off - Wells Fargo
- US Dollar consolidates in familiar range below 99
- U.S. President Trump: I'm open to meeting with Kim Jong-Un - BBG
- WTI slides below $49 to new session low
- S.Mnuchin’s interview at Fox Business - Live
- US: April PMI registered 54.8, a decrease of 2.4 from March - ISM
- US: Slowest improvement in manufacturing business conditions since September 2016 - Markit