US close: Stocks mixed ahead of Trump speech
US stocks finished mixed on Monday as investors looked to speeches by US president Donald Trump and Federal Reserve policy maker Charles Evans, following last week's rate hike.
The Dow Jones Industrial Average ended down 0.04%% at 20,905.86 and the S&P 500 lost 0.2% to 2,373.47, while the Nasdaq 100 added 0.08% at 5,413.31.
President Trump was due to speak at 2330 GMT following a G20 meeting in which finance ministers dropped a commitment against fighting projectionist traded policies at the weekend after opposition from the US.
Michael Every, head of financial markets research Asia-Pacific at Rabobank said that “the idea that the US will aim to export as much as it imports is an infinitely more important global paradigm shift than that from a boot to a penguin”.
He said that “markets still don’t seem to be understanding that our entire global economic and financial – if not political - game is predicated on the US running a large trade deficit”.
“If it doesn’t, how are dollars to flow out into the global economy on a net basis? And if that doesn’t happen, then the current stock of dollars out there in other countries’ foreign exchange reserves are the sum total we will ever see.”
Elsewhere, market participants were also digesting comments by Chicago Fed president Charles Evans who told Fox News that the Fed was on track to raise rates twice this year and could be more or less aggressive depending on whether inflation picked up or not.
Last week the Fed hiked interest rates by 25 basis points to between 0.75% and 1% and its tone was more dovish than expected.
On the corporate front, US-listed shares in Deutsche Bank were down 3.42% after the German lender said it will raise €8bn by selling its shares at a 35% discount to last week's closing price as it looks to shore up its finances.
Watchmaker Movado added 5.93% following the release of its fourth-quarter results.
Sprouts Farmers Market fell 0.91% on news that supermarket operator Albertsons Companies was in talks to merge with the organic food company.
On the upside, Walt Disney rose 0.85% after the Beauty and the Beast live-action remake topped box-office ticket sales on its opening weekend in the US.
Dow Jones - Risers
Caterpillar Inc. (CAT) $95.40 2.68%
Nike Inc. (NKE) $58.68 1.52%
Apple Inc. (AAPL) $141.46 1.05%
Walt Disney Co. (DIS) $112.71 0.85%
Intel Corp. (INTC) $35.43 0.45%
Coca-Cola Co. (KO) $42.18 0.36%
3M Co. (MMM) $193.01 0.34%
Merck & Co. Inc. (MRK) $64.06 0.33%
E.I. du Pont de Nemours and Co. (DD) $81.52 0.31%
Procter & Gamble Co. (PG) $91.24 0.24%
Dow Jones - Fallers
Home Depot Inc. (HD) $147.80 -1.20%
Visa Inc. (V) $89.18 -1.17%
Unitedhealth Group Inc. (UNH) $168.00 -1.00%
Goldman Sachs Group Inc. (GS) $242.01 -0.79%
JP Morgan Chase & Co. (JPM) $90.03 -0.72%
Travelers Company Inc. (TRV) $122.36 -0.63%
American Express Co. (AXP) $78.85 -0.50%
General Electric Co. (GE) $29.75 -0.47%
Boeing Co. (BA) $179.39 -0.39%
Verizon Communications Inc. (VZ) $50.24 -0.30%
S&P 500 - Risers
CF Industries Holdings Inc. (CF) $30.39 3.76%
Nvidia Corp. (NVDA) $109.45 3.19%
Caterpillar Inc. (CAT) $95.40 2.68%
Baker Hughes Inc. (BHI) $60.42 2.51%
International Flavors & Fragrances Inc. (IFF) $135.42 2.50%
Newmont Mining Corp. (NEM) $33.56 2.19%
Equinix, Inc. (EQIX) $383.57 2.11%
Illumina Inc. (ILMN) $163.49 1.91%
International Paper Co. (IP) $52.22 1.67%
Micron Technology Inc. (MU) $26.21 1.59%
S&P 500 - Fallers
Kohls Corp. (KSS) $38.56 -4.77%
First Solar Inc. (FSLR) $30.34 -4.68%
Endo International Plc (ENDP) $10.31 -4.18%
Macy's Inc. (M) $29.37 -3.83%
GameStop Corp. (GME) $23.88 -3.08%
Nordstrom Inc. (JWN) $42.58 -3.05%
Gap Inc. (GPS) $23.46 -2.66%
Synchrony Financial (SYF) $34.20 -2.62%
Frontier Communications Co. (FTR) $2.41 -2.43%
Tenet Healthcare Corp. (THC) $17.52 -2.40%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $109.45 3.19%
Illumina Inc. (ILMN) $163.49 1.91%
Micron Technology Inc. (MU) $26.21 1.59%
Ctrip.Com International Ltd. Ads (CTRP) $49.76 1.43%
Sba Communications Corp. (SBAC) $117.06 1.22%
Apple Inc. (AAPL) $141.46 1.05%
NetEase Inc. Ads (NTES) $294.12 0.90%
Applied Materials Inc. (AMAT) $39.57 0.74%
Cognizant Technology Solutions Corp. (CTSH) $58.98 0.72%
Monster Beverage Corp (MNST) $46.80 0.71%
Nasdaq 100 - Fallers
Liberty Interactive Corporation QVC Group (QVCA) $19.54 -2.30%
Liberty Global plc Series A (LBTYA) $36.64 -1.93%
Liberty Global plc Series C (LBTYK) $35.94 -1.88%
Dollar Tree Inc (DLTR) $74.30 -1.85%
Ross Stores Inc. (ROST) $66.46 -1.76%
Seagate Technology Plc (STX) $46.08 -1.69%
Alexion Pharmaceuticals Inc. (ALXN) $120.20 -1.54%
Walgreens Boots Alliance, Inc. (WBA) $84.63 -1.49%
Mattel Inc. (MAT) $25.31 -1.36%
Dish Network Corp. (DISH) $63.06 -1.25%