Weak economic data also kept a lid on market sentiment. Data revealed that ISM manufacturing activity index fell to its lowest level since December while consumer spending was unchanged for a second straight month in March and a key inflation measure saw its first monthly drop since 2001, reports Tanya Agrawal for Reuters.
“The economic data today is causing some investor nervousness ahead of the jobs report this Friday,” Matt Miskin, senior capital markets research analyst at John Hancock Investments, told Reuters. “While we’re starting the week of on a bit of weak economic news, the markets may turn back to corporate fundamentals as corporate earnings are still coming in strong.”
The markets were mostly positive, despite Trump’s musings on big banks. Trump told Bloomberg News that he was considering breaking up giant Wall Street Banks, according to Bloomberg.
Nevertheless, strong earnings and skepticism over Trump’s plans have kept markets going. S&P 500 companies are expected to report overall profits up 13.6% in the first quarter, the most since 2011, according to Thomson Reuters.
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