Yesterday minutes from the Federal Open Market Committee meeting were released, and it pointed toward a more flexible approach in the Fed’s gradual interest-rate increases -- this is after a ‘baked-in’ December hike, of course. The minutes have also reinforced comments made by Jay Powell a couple of days ago.

So why did US stocks close lower? Has the market euphoria evaporated already?

Tim Mulholland, President of TJM Limited in Chicago takes  a closer look at the reasons why.