US stocks consolidating after yesterday’s strong up-surge

The US equity markets took a breather on Thursday and witnessed a muted trading action during opening hour. 

The subdued action followed yesterday's strong up-surge to record high levels led by the US President's first address to the Congress, which reignited Trump-reflation trade on renewed hopes for a massive infrastructure spending and tax cuts. 

In addition to this, recent hawkish comments from various Fed officials, signaling confidence in the US economy, further boosted investors' confidence and lend additional support the US equity markets' strong performance. 

At the time of writing, the Dow Jones Industrial Average slipped 10-points, but held comfortably above 21,000 level. Meanwhile, the broader S&P 500 Index was down over 5-points to 2,390 and tech-heavy Nasdaq Composite Index was down nearly 13-points to 5,890.

On the economic data front, the number of individuals filing for unemployment related benefits fell to near 44-year-low during the week ended Feb. 24. Upbeat data further reinforced the underlying strength in the US labor market, and economic growth prospects, supporting the Fed’s view that more rate hikes are needed to prevent the economy running too hot.