Major Averages Close Mixed Following Lackluster Session – U.S. Commentary

Stocks fluctuated over the course of the trading session on Monday before ending the session mixed.

While the Dow edged down 59.47 points or 0.2 percent to 25,857.07, the Nasdaq rose 21.62 points or 0.3 percent to 7,924.16 and the S&P 500 inched up 5.45 points or 0.2 percent to 2,877.13.

The choppy trading on Wall Street came as traders seemed reluctant to make any significant moves amid a lack of major U.S. economic data.

Reports on producer and consumer price inflation, retail sales and industrial production as well as the Fed’s Beige Book may attract attention in the coming days.

Traders also stayed on the sidelines amid lingering trade concerns after President Donald Trump ramped up trade tensions with China last Friday.

Trump told reporters aboard Air Force One he may impose tariffs on another $267 billion worth of Chinese goods.

Trump’s remarks came as the administration is already considering imposing tariffs on $200 billion worth of Chinese goods following the expiration of a public comment period at midnight on Thursday.

“The $200 billion we are talking about could take place very soon depending on what happens,” Trump said. “To a certain extent it’s going to be up to China.”

“And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want,” he added. “That changes the equation.”

China’s Commerce Ministry has warned it will be forced to roll out necessary retaliatory measures if the U.S. imposes any new tariffs.

Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index rose by 0.3 percent, while Hong Kong’s Hang Seng Index tumbled by 1.3 percent.

Meanwhile, the major European markets all moved on the day. While the U.K.’s FTSE 100 Index closed just above the unchanged line, the German DAX Index edged up by 0.2 percent and the French CAC 40 Index rose by 0.3 percent.

In the bond market, treasuries showed a lack of direction after moving notably lower last Friday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by less than a basis point at 2.937 percent.

by RTTNews Staff Writer

Source: Read Full Article