The US market closed lower on Monday, with the S&P 500 and Nasdaq Composite retreating from record levels set on Friday. Investors consolidated last week’s solid gains and turned slightly cautious ahead of the Federal Reserve policy meeting, which begins on Tuesday. The economic calendar also heats up midweek, with a preliminary reading on first-quarter gross domestic product due on Wednesday. Also on Wednesday, Federal Reserve policy makers will deliver an updated policy statement after the conclusion of the central bank’s two-day meeting. Investors expect that the Federal Reserve could draw attention away from a soft patch in US growth that many believe has been caused by temporary factors. William Dudley, president of the Federal Reserve Bank of New York, suggested last week that the stronger dollar would likely depress growth this year. Dudley’s comments and others by Fed officials have fed the growing belief that a Fed rate hike before fall is unlikely.
The Dow Jones Industrial Average lost 42.17 points or 0.23 percent to 18,037.97, Nasdaq was down by 31.84 points or 0.63 percent to 5,060.25 while, S&P 500 was lower by 8.77 points or 0.41 percent to 2,108.92.
The Indian ADRs closed mixed on Monday; Dr. Reddy’s Lab was down 1.97%, Infosys was down 0.50% and HDFC Bank was down by 0.11%. On the other hand, Tata Motors was up 0.30% and Wipro was up 0.26%.