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US equities opened lower on Tuesday as investors digest a batch of US economic data ahead of US President Donald Trump’s first address to Congress.

The US economy in 2016 grew just 1.6 per cent, its weakest rate in five years, according to a revised report out Tuesday morning. Meanwhile US home-price growth accelerated in December to its swiftest pace since January 2016.

The S&P 500 fell 0.2 per cent to 2,365.90, while the Nasdaq Composite declined 0.3 per cent to 5,845.82. The Dow Jones Industrial Average, which notched its 12th straight record closing on Monday, decreased 0.1 per cent.

The moves come ahead of Mr Trump’s first address to Congress in a speech usually given by presidents to provide legislators policy proposals and agenda details.

Markets were cautious in early trading, with perceived haven assets such as US Treasuries picking up small gains. The 10-year note’s yield, which moves inversely to price, was down 1.4 basis points to 2.35 per cent.

On Tuesday the Kansas City Federal Reserve Bank president is scheduled to speak on the US economy on 12:45 pm, while the San Francisco Fed president will give an outlook at 3:30 pm New York time.

On the corporate side, Ross Stores, Etsy and Salesforce.com will release earnings results after markets close in New York.

Copyright The Financial Times Limited 2017. All rights reserved.
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