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05-Sep2018

US markets end lower on Tuesday

The US markets ended marginally lower on Tuesday on account of lingering concerns about global trade after US and Canadian officials failed to reach an agreement to reform NAFTA. President Donald Trump said that there is 'no political necessity to keep Canada in the new NAFTA deal.'  Further, there were some cautiousness in the markets on  recent reports have suggested Trump also plans to move ahead with tariffs on $200 billion worth of Chinese imports as early as this week. However, losses remain capped after the release of a report from the Institute for Supply Management showing activity in the US manufacturing sector unexpectedly grew at a faster rate in the month of August. The ISM said its purchasing managers index climbed to 61.3 in August from 58.1 in July, with a reading above 50 indicating growth in the manufacturing sector. Street had expected the index to dip to 57.7.

Meanwhile, a separate report released by the Commerce Department showed a modest uptick in construction spending in the US in the month of July. The Commerce Department said construction spending inched up by 0.1% to an annual rate of $1.315 trillion in July after falling by 0.8% to a revised rate of $1.314 trillion in June. Street had expected construction to rise by 0.5% compared to the 1.1% slump originally reported for the previous month.

Dow Jones Industrial Average declined 12.34 points or 0.05 percent to 25952.48, the S&P 500 dropped 4.80 points or 0.17 percent to 2896.72 and Nasdaq was down by 18.29 points or 0.23 percent to 8091.25.


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