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30-Jan2019

US markets end mostly in red on Tuesday

The US markets ended mostly in red on Tuesday as investors sorted through a fresh batch of earnings reports and awaited clarity from the Federal Reserve on its monetary policy plans. The Federal Reserve's impending monetary policy announcement on Wednesday kept some traders on the sidelines along with the upcoming release of the Labor Department's monthly jobs report on Friday. Traders also continued to express uncertainty about trade talks between the US and China after the Justice Department unsealed sweeping criminal charges against Chinese tech giant Huawei and its chief financial officer Meng Wanzhou.

On the economic front, the Conference Board released a report showing a substantial deterioration in consumer confidence in the month of January. The Conference Board said its consumer confidence index slumped to 120.2 in January after tumbling to a revised 126.6 in December. Street had expected the consumer confidence index to fall to 124.3 from the 128.1 originally reported for the previous month. Lynn Franco, Senior Director of Economic Indicators at the Conference Board, noted expectations saw a significant drop due to financial market volatility and the government shutdown.

Nasdaq declined 57.40 points or 0.81 percent to 7028.29 and S&P 500 was down by 3.85 points or 0.15 percent to 2640.00, while Dow Jones Industrial Average gained 51.74 points or 0.21 percent to 24579.96.


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