US stocks trading with minor losses as investors await Trump speech on Tuesday
|Major US stock markets took a breather on Monday, with all the three major indices opening with minor losses and snap recent record-setting rally.
At the time of writing, the Dow Jones Industrial Average fell around 40-points to 20,780, while the broader S&P 500 Index lost nearly 5-points to 2,362. Meanwhile, tech-heavy Nasdaq Composite Index was down over 15-points to 5,830.
The markets had muted reaction to the mixed US economic data, showing better-than-expected rise in durable goods order but an unexpected contraction in orders excluding transportation items, as investors await the US President Donald Trump's first address to Congress on Tuesday.
Following Trump's promise to unveil a "phenomenal' tax plan, the US stock markets have struggled to extend the post-election strong rally and has been confined within a near-term trading range. Hence, market participants would be looking for further details regarding the new administration’s pro-growth fiscal plans, which eventually would turn out to be the next big trigger for the next leg of directional move in the US equity markets.
In other markets, the British Pound came under some renewed selling pressure on Monday amid renewed Brexit fears in wake of a push for second Scottish independence referendum. Meanwhile, the key US Dollar Index consolidated in a narrow trading band, with mild negative bias, as investors seemed reluctant to carry big bets ahead of Trump's address tomorrow.
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