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  3. US markets closed mostly lower on Tuesday

US markets closed mostly lower on Tuesday

10 Jun 2015 Evaluate

The US markets closed choppy session mostly lower on Tuesday, after the main indexes gave up earlier modest gains. The recent weakness in stocks had been triggered by expectations that the Federal Reserve will hike interest rates sooner rather than later in light of upbeat economic data. On the economy front, job openings at US workplaces rose to a record high of 5.38 million in April (data go back to the end of 2000) from 5.11 million in March. Compared with same period in the prior year, April’s job openings rose 22%, as private-sector openings increased 21% to 4.89 million, and government positions rose to 489,000 from 367,000. With 8.55 million unemployed people in April, there were about 1.6 potential job seekers per opening, below March’s ratio of 1.7. In April 2014, there were about 2.2 potential seekers per opening.

Meanwhile, small-business sentiment improved in May. The National Federation of Independent Business small-business optimism index rose 1.4 points to 98.3, the highest level since December, as six of ten components improved. That puts the index in line with its historical average of 98. US wholesale inventories rose 0.4% in April. This was above expectations of a 0.2% gain. Inventories of durable goods, such as autos and machinery, increased 0.1%. Meanwhile, inventories of nondurable goods rose 0.8%. Wholesale sales rose 1.6% in April, following a drop of 0.3% in March. At April’s sales pace, the inventory-to-sales ratio ticked down to 1.29 from 1.30. For March, inventory growth was revised to 0.2% from a prior estimate of 0.1%.

The Dow Jones Industrial Average lost 2.51 points or 0.01 percent to 17,764.04, Nasdaq was down by 7.76 points or 0.15 percent to 5,013.87 while, S&P 500 inched up by 0.87 points or 0.04 percent to 2,080.15.

The Indian ADRs closed mostly in red on Tuesday; Dr. Reddy’s Lab was down 0.75%, Infosys was down by 0.41%, HDFC Bank was down 0.28% and Wipro was down by 0.27%. On the other hand, ICICI Bank was up by 0.01%.


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