U.S. equities settled lower with S&P and Dow reporting its biggest U-turn

US equities

Stocks in the United States settled lower when the Federal Reserve released a peak of its meeting last March.

The said meeting showed Fed officials desire to start unravelling a substantial $4.5 trillion balance sheet from the central bank this 2017. It also showed that the central bank was worried that the stock market may turn out to be overvalued.

Investors endured House Speaker Paul Ryan’s statement in which he said that the tax reform will take a lot of time to accomplish than abolishing and replacing Obamacare. The likeliness of a tax reform, deregulation and infrastructure spending are one of the key drivers in the post-election rally of stock markets.

The Nasdaq composite slid by 0.6 percent at 5,964.48. The S&P 500 was lower by 0.3 at 2,352.95 percent due to its deteriorating financials. The Dow Jones industrial average settled lower by 0.2 percent to finish at 20,648.15, with Goldman Sachs as its leading decliner. The Dow was close to trade 200 points higher in the previous close.

The 10-year Treasury note yield in the U.S. also ended lower by 2.333 percent when it touched 2.38 percent on previous trade.

Meanwhile on data front, private consumption surpassed expectations by rising 263,000 last March versus the predicted 185,000. February’s data was overhauled significantly weaker, but it was originally 289,000. The report is considered as an introduction for the monthly employment release of the Bureau of Labor Statistics.

From overseas, stocks in Europe and Asia both traded higher as investors keep an eye on U.S. President Donald Trump’s conference with President of China Xi JInping.

On currency, the U.S. dollar declined against its major opposing currencies, with the yen by 110.6 and the euro at $1.067.

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