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  3. US markets closed lower on concerns over earnings

US markets closed lower on concerns over earnings

14 Apr 2015 Evaluate

The US market closed lower on Monday, as concerns about potentially weak quarterly results, as well as looming interest-rate hikes, eroded confidence among investors. On the economic front, Americans are paying more in taxes to the federal government this year, but that hasn’t been enough to keep the budget deficit from growing. For the month of March, the US government ran a deficit of $53 billion. That was $16 billion more than the same month last year. For the fiscal year to date, the deficit is $439 billion, $26 billion more than the year-ago period. The Congressional Budget Office says growth in wages and salaries is behind the higher income-tax receipts, while higher taxable profits in calendar year 2014 likely accounts for greater receipts of corporate taxes. The government’s budget year runs from October to September. Yet spending is also up, also by 7%, in the first six months of the fiscal year.

Meanwhile, San Francisco Fed President John Williams stated that as the US job market improves, the risk is receding that an unexpected setback could derail the recovery once the Federal Reserve raises interest rates. Concern that it could be forced to retreat to near-zero interest rates, where the Fed has little room to maneuver, if it pulled the trigger too soon has been a significant reason the Fed has kept rates pinned to the floor well into the recovery. With that less of a threat, policymakers can now focus on charting an appropriate rate path and worry less about sliding back to zero.

The Dow Jones Industrial Average lost 80.61 points or 0.45 percent to 17,977.04, Nasdaq was down by 7.73 points or 0.15 percent to 4,988.25 while, S&P 500 was lower by 9.63 points or 0.46 percent to 2,092.43. 

The Indian ADRs closed mostly in red on Monday; Tata Motors was down 1.38%, Dr. Reddy’s Lab was down 0.54%, Wipro was down by 0.15% and Infosys was down 0.09%. On the other hand, HDFC Bank was up 0.17%.




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