US markets closed lower on Greece worries

16 Jun 2015 Evaluate

The US markets closed lower on Monday, beginning the week on a downbeat note after the collapse of weekend talks over Greece’s bailout plan and disappointing economic data. The Federal Reserve will announce its decision on Wednesday on US interest rates for June. Further insight into the monetary situation in the US will be available on Thursday with the release of inflation data for May. On the economy front, business conditions in the New York region worsened slightly. The Empire State manufacturing index for June sank to negative 2.0 from 3.1 in May. This is the second negative reading in the past three months for the index, which is a first reading of manufacturing conditions in the month. Orders fell into negative territory while shipments retreated slightly but stayed positive. The six-month outlook worsened to 25.8 in June from 29.8 in May. This is the lowest level since January 2013. The US factory sector, ailing from the strong dollar, global weakness and lower oil prices, has slipped into a technical recession. The industrial production dropped unexpectedly in May and hasn’t increased since November. Industrial output sank 0.2% in May. Compared to 12 months ago, industrial production was up 1.4% - compared to 4.8% growth was recently as November.

On the other hand, home builders see a bright future for the market, with sales ramping up, even as plans for a merger show that major construction companies are trying to cut costs. A gauge of confidence among home builders rose five points to 59 in June, hitting a nine-month high. Readings above 50 signal that home-construction companies, generally, are optimistic about sales trends, and June marks the 12th consecutive month of above-50 readings.

The Dow Jones Industrial Average lost 107.67 points or 0.60 percent to 17,791.17, Nasdaq was down by 21.13 points or 0.42 percent to 5,029.97 while, S&P 500 dropped 9.68 points or 0.46 percent to 2,084.43.

The Indian ADRs closed mixed on Monday; HDFC Bank was down 0.29%, Dr. Reddy’s Lab was down 0.24% and ICICI Bank was down 0.14%. On the other hand, Infosys was up by 0.23% and Wipro was up 0.08%.

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