Wall Street down in the red as Trumpflation trades unwind
|Wall Street finished in the red on Thursday on the back of the Trump's news conference on Wednesday that failed to deliver anything concrete for markets in respect to Trump's plans for fiscal policy.
There has been a shift in the markets in respect to Trump and stocks have begun to consolidate as investors ponder on what the next direction will be. The Dow Jones fell 88 points, or 0.4%, to finish up at 19,866 in stark contrast to yesterday's bullish performance. Then, the S&P 500 index dropped 8 points, losing 0.4% to close at 2,268. Meanwhile, the Nasdaq Composite Index also dropped by 24 points, or 0.4%, to close 5,539 after making a series of consecutive gains and records earlier in the week.
Trumpflation trades were coming off across the board on Thursday - The US dollar and US interest rates dropped further, with the US 10yr treasury yields down to 2.31% and the lowest level since 30 Nov. The Fed funds futures rates also dropped and by 2bp, fully pricing the next rate hike to be in July.
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