US markets fall on Ukraine concern

06 Aug 2014 Evaluate

The US markets closed lower on Tuesday, wiping out last session’s rebound and sending benchmark indexes to the lowest levels since May, following reports that Russia is building up its military presence on the border with Ukraine. Separately, Russian President Vladimir Putin ordered his government to prepare retaliatory measures against US and European economic sanctions imposed on Russia. Also, fears that the Federal Reserve might raise interest rates sooner than expected in the wake of fresh signs that the economy is gaining strength lingered in the background. On the economy front, the pace of growth in the US services sector dipped in July compared to the previous month, but still posted its second-highest reading in 4-1/2 years. Financial data firm Markit’s final services Purchasing Managers Index hit 60.8 in July, down from the preliminary reading of 61.0, which was also the reading for June. The 61.0 print for June was the highest final reading for any month since the survey began in October 2009.

However, US service-sector companies grew in July at the faster pace in nine years. The Institute for Supply Management stated that its nonmanufacturing index rose to 58.7% last month from 56.0% in June. That’s the highest rate since December 2005. The ISM’s new-orders index climbed 3.7 points to 64.9% - also the highest in nine years - while the employment gauge advanced 1.6 points to 56.0%. The employment index is the highest since January. Factory orders in June climbed a seasonally adjusted 1.1%, topping the 0.6% gain forecast. That’s the fourth gain in five months and the level of $503.2 billion is the highest on record. Durable-goods orders rose 1.7%, higher than the initially estimated 0.7% gain.

The Dow Jones Industrial Average lost 139.81 points or 0.84 percent to 16,429.47, Nasdaq was down by 31.05 points or 0.71 percent to 4,352.84, while the S&P 500 dropped 18.78 points or 0.97 percent at 1,920.21.

Indian ADRs closed mostly in red on Tuesday; ICICI Bank was down by 0.76%, Dr. Reddy’s Lab was down 0.40%, HDFC Bank was down 0.17% and Tata Motors was down 0.14%. On the other hand, Infosys was up 0.44%.

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