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  3. US markets closed lower over geopolitical development

US markets closed lower over geopolitical development

13 Aug 2014 Evaluate

The US markets closed lower on Tuesday, as investors remained jittery amid tension between Ukraine and Russia and lingering concerns about sectarian wars in the Middle East. Fears over geopolitical tensions and a potential US interest-rate hike pushed investors to scale back risk and increased cash levels to two-year high this month. On the economy front, the US budget deficit was $94.6 billion in July. That is a decrease of $3 billion or 3%, from the shortfall posted in July 2013. Receipts increased 5% in the month, to $11 billion, while spending rose 3% to $8 billion. For the first ten months of the 2014 fiscal year, the deficit has fallen 24% mostly thanks to receipts, which are up 8% compared to the same period a year ago. Spending has risen 1%. Small-business sentiment edged higher in July on an improvement in business conditions and the outlook for expansion. The National Federation of Independent Business stated that its small-business optimism index rose 0.7 points to 95.7. Six components rose, three fell and one was unchanged. By component, the strongest at net 24% was current job openings, and the weakest at negative 18% was earnings trends.

Separately, job openings at US workplaces rose to 4.67 million in June -- the most since early 2001 -- from 4.58 million in May. Compared with same period in the prior year, June job openings rose 18%, as private-sector openings increased 18% to 4.21 million, and government positions rose to 466,000 from 412,000. With 9.5 million unemployed people in June, there were about two potential job seekers per opening, below May’s ratio of 2.1.

The Dow Jones Industrial Average lost 9.44 points or 0.06 percent to 16,560.54, Nasdaq was down by 12.08 points or 0.27 percent to 4,389.25, while the S&P 500 dropped 3.17 points or 0.16 percent at 1,933.75. 

Indian ADRs closed mostly mixed on Tuesday; Infosys was down by 0.66%, ICICI Bank was down by 0.16% and Wipro was down 0.02%. On the other hand, Tata Motors was up by 0.73% and Dr. Reddy’s Lab was up 0.20%.

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