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August 23, 2017 - US Daily Stock Market Update
Stocks Fall Treasuries Advance on Policy Concerns By Bloomberg
Threatened government shutdown over border wall funding.
Havens Treasuries, yen and gold rise on risk reassessment.
U.S. stocks fell for the first time in three days, the dollar slumped and Treasuries gained as Donald Trumpís threat to shut down the government sparked concern Congress wonít easily raise the debt ceiling and deliver on tax reform. Oil rose after a report on stockpiles.
All major American equity benchmarks retreated and the 10-year Treasury yield hit the lowest since June as Trumpís gambit prompted Fitch Ratings to warn the country risks a review of its sovereign rating if it fails to raise the limit next month. The dollar slipped amid fresh data showing uneven U.S. growth that contrasted with renewed evidence of strength in Europe ahead of a central-bank symposium in Jackson Hole, Wyoming.
Trumpís latest comments, which included talk of ending the North American Free Trade Agreement, rekindled concerns about the administrationís ability to deliver on its fiscal plans and heightened unease about the future of global trade. A day earlier, his treasury secretary said getting Congress to raise the debt ceiling and reforming the tax code were priorities, sparking a rally of 1 percent in the S&P.
ďThe increased prospects of a tax reform bill seemed to get most of the credit for the rallyĒ Tuesday, Matt Maley, an equity strategist at Miller Tabak & Co., wrote in a note to clients. ďAt least some of that has gone out the window.Ē Contributing to the slump are reports that ďthe relationship between the President and Senate Majority Leader McConnell has broken down badly,Ē he said.
Among other key events looming this week:
Combined sales of previously owned U.S. homes (Thursday) has probably edged up in July from the prior month, indicating a still robust real estate market held in check by rising property prices, economists forecast.
Federal Reserve Chair Yellen is scheduled to speak about financial stability at 10 a.m. New York time on Friday at the Kansas City Fedís symposium. ECB President Mario Draghi is set to give a speech at 3 p.m.
The S&P 500 Index fell 0.3 percent to 2,444.01 as of 4 p.m. in New York, with consumer discretionary and industrial shares leading declines. The index is down 1.1 percent in August after four straight monthly gains.
The Dow Jones Industrial Average slid 87.86 points to 21,812.03.
The Russell 2000 Index fell 0.1 percent, outperforming other U.S. gauges.
The MSCIís emerging-market index rose for a third straight day.
The Stoxx Europe 600 Index sank 0.5 percent.
The Bloomberg Dollar Spot Index declined 0.3 percent, paring its first monthly gain since February to 0.2 percent.
The Japanese yen climbed 0.6 percent to 108.968 per dollar.
The Mexican peso fell 0.1 percent to 17.7164 per dollar, rebounding from a slide that reached 1 percent following Trumpís remarks..
The euro advanced 0.5 percent to $1.1819.
The British pound weakened to the lowest in more than seven weeks.
The yield on 10-year Treasuries fell five basis points to 2.17 percent, the lowest since June 26.
Germanyís 10-year yield dipped two basis points to 0.38 percent, as the note rose for the fifth consecutive time on a closing basis.
Britainís 10-year yield declined three basis points to 1.05 percent.
West Texas Intermediate crude rose more than 1 percent to settle at $48.41 a barrel. Oil stockpiles have dropped every week since late June and gasoline inventories also fell, while crude production climbed for a second week, according to an EIA report Wednesday.
Gold futures gained 0.3 percent to end at $1,294.70 an ounce, rebounding from a 0.4 percent drop Tuesday.
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Housing Alerts Free Real Estate Investing Webinar / August 24
CandleCharts Academy Free Training Event / August 24
Track 'n Trade Live Forex Futures & AutoPilot Trading Free Webinars / August 24
TradeStation A Simple Five-Step Checklist for Profitable Trading Free Webinar / August 24
MetaStock Trading the 450 Period Moving Average in any Time Frame Free Webinar / August 24
TC2000 Free Stock Investing Trading Class / August 25 Philadelphia Pennsylvania
Options University TradeSmith Video Weekly Newsletter / August 28
MTPredictor Professional Trading Software Training Room Webinar / August 29
Options University Stock Success School / September 09 to 10 Las Vegas NV
TC2000 Free Stock Investing Trading Class / September 15 Tarrytown New York
Dr. Van Tharp Systems Thinking for Traders Workshop / September 19 to 21 Cary NC
MetaStock Las Vegas Investing Trading Training Event / October 07 to 08 Las Vegas
Dr. Van Tharp London Traders Workshops / October 13 to 23 London
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