Nasdaq edges higher while US broad market falls
US stock indices closed lower on Monday as investors were reluctant to make big bets as they awaited more details on tax reforms and spending projects proclaimed by President Trump. The dollar edged higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.04% higher at 100.365. The Dow Jones average slipped less than 0.1% to 20905.86, led by Home Depot and Visa shares down 1.2% respectively. The S&P 500 closed 0.2% lower at 2373.45 with financials leading the decliners and seven of the 11 main sectors finishing in negative territory. The Nasdaq composite index closed less than a point higher at 5901.53.
European stocks fall on protectionism concerns
European stocks fell on Monday amid increased concerns about possible rise in protectionism as a pledge against protectionism was dropped in the G-20 policy statement over the weekend. The euro and the British Pound fell against the dollar. The Stoxx Europe 600 index fell 0.2%. The DAX 30 underperformed falling 0.4% to close at 12052.90. France’s CAC 40 ended 0.3% lower while UK’s FTSE 100 rose 0.1% settling at 7429.81.
Asian markets mixed
Asian stock indices are mixed today as concerns about protectionism linger after G-20 financial leaders dropped a pledge to keep global trade free and open, a move pushed by US Treasury Secretary Steven Mnuchin. Nikkei ended 0.3% lower at 19455.88 despite a weaker yen against the dollar with financial stocks weighing on the index. Chinese stocks are rising despite a warning by the Organization for Economic Co-operation and Development China's economic growth is likely to slow to 6.5% this year and further to 6.3% in 2018, though exports are set to pick up as global demand strengthens. The Shanghai Composite Index is 0.4% higher and Hong Kong’s Hang Seng Index is up 0.6%. Australia’s All Ordinaries Index ended little changed closing 0.02% lower with the Australian dollar falling against the dollar.
Oil prices recover
Oil futures prices are rising today on talk of possible extension beyond June of the agreement between major oil producers to cut output by almost 1.8 million barrels per day (bpd) in January to June period. Prices fell on Monday on concerns rising US shale oil output counteracts the balancing effect of lower output by OPEC and other complying major producers as Baker Hughes data showed the number of active US rigs drilling for oil rose for a ninth straight week in US. May Brent crude lost 0.3% to $51.62 a barrel on London’s ICE Futures exchange on Monday.