Equities Fall as Traders Parse Fed Governor Remarks, Marco Data — TradingView News

US benchmark equity indexes closed lower Monday, as markets assessed remarks by Federal Reserve Governor Lisa Cook and the latest batch of economic data.

The Dow Jones Industrial Average fell 0.4% to 39,313.6, while the S&P 500 dropped 0.3% to 5,218.2. The Nasdaq Composite slipped 0.3% to 16,384.5, retreating from its record closing level set Friday. Industrials saw the steepest decline among sectors. Only energy, utilities, and materials closed higher.

The S&P 500 is now expected to finish 2024 at 5,500, up from the previously estimated 5,200 level, with potential for further upside, aided by economic resilience and an effective monetary policy, Oppenheimer Asset Management said in a note. The index closed at its all-time high level of 5,241.5 on Thursday.

Fed Governor Cook said that fully restoring price stability could take “a cautious approach” to easing monetary policy over time even as the risks to achieving the employment and inflation objectives were moving into better balance.

On Wednesday, the central bank’s Federal Open Market Committee held its benchmark lending rate steady at 5.25% to 5.50% — its fifth straight pause — and maintained its expectations for three rate cuts this year.

The US 10-year yield rose 3.1 basis points to 4.25% Monday, while the two-year rate added 3 basis points to 4.63%.

In economic news, single-family home sales in the US edged down 0.3% on a monthly basis to a seasonally adjusted annual rate of 662,000 from January’s upwardly revised print of 664,000, according to the Census Bureau and the Department of Housing and Urban Development. Analysts expected sales to come in at the 675,000 level, which would have marked a 2.1% growth from the unrevised print, according to a survey compiled by Bloomberg.

Texas’ manufacturing activity fell more than expected this month as production, orders and shipments swung back into negative territory, according to the Dallas Fed.

West Texas Intermediate crude oil rose 1.7% to $81.98 per barrel Monday.

In company news, Take-Two Interactive Software TTWO shares slipped 4%, the steepest decliner on the S&P 500, following a Kotaku report that the Grand Theft Auto 6 video game may miss its 2025 release window.

Super Micro Computer SMCI shares jumped 7%, the top gainer on the S&P 500, as JPMorgan initiated coverage of the company with an overweight rating and a $1,150 price target.

Boeing BA announced senior leadership changes, including the upcoming departure of Chief Executive Dave Calhoun, as the aircraft manufacturer looks to regain its footing following recent production problems and quality control issues. The company’s shares rose 1.4%, among the top gainers on the Dow.

Gold advanced 0.6% to $2,172 per troy ounce, while silver was little changed at $24.84 per ounce.

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