US markets closed lower on lingering Greek uncertainty

07 Jul 2015 Evaluate

The US markets closed lower on Monday, after Greece rejected its international lenders’ bailout terms on Sunday and moved closer to a potential exit from the euro zone. The main indexes fell sharply at the open, but trimmed losses during the day to end modestly lower. On the economy front, US services and other non-manufacturing companies reported that growth slightly picked up in June. The ISM services index was 56% in June while May’s reading was 55.7%. Readings over 50% indicate overall expansion. ISM reported that its gauge of new orders for non-manufacturers rose 0.4 points to 58.3% in June, and the gauge of business activity/production increased two points to 61.5%. Meanwhile, the employment barometer fell 2.6 points to 52.7%.

Meanwhile, the latest economic outlook from the OECD, published last month, forecasts that global growth will pick up in 2015 and 2016. The OECD notes that the year got off to an inauspicious start with the first quarter seeing the weakest global growth since the end of the financial crisis. In the US, economic activity was held back in the opening months of the year by unusually severe winter weather and port strikes. The economy, though, has regained momentum in the second quarter. Nonetheless, as happened last year, growth for 2015 as a whole will be held back by a weak opening quarter, as well as the stronger dollar and lower investment in energy. However, the OECD sees US growth picking up to 2.8% in 2016 from 2% in 2015.

Separately, San Francisco Federal Reserve Bank published a research report stating that the more the natural rate of US employment falls, the longer monetary policy makers may be able to keep interest rates low. Federal Reserve policymakers have slashed their estimates of the longer-run rate of unemployment that translates to a fully employed economy to about 5.1 percent in June from about 5.6 percent in 2012. They have also cut their estimates of the level of short-term borrowing costs, minus 2 percent inflation, which is consistent with a fully normal economy, to about 1.63 percent from about 2.25 percent.

The Dow Jones Industrial Average lost 46.53 points or 0.26 percent to 17,683.58, the Nasdaq was down 17.27 points or 0.34 percent to 4,991.94 and the S&P 500 dropped by 8.02 points or 0.39 percent to 2,068.76.

The Indian ADRs markets ended mostly in red on Monday, Tata Motors was down by 0.54%, Infosys was down 0.08% and Wipro was down by 0.06%. On the other hand, Dr. Reddy’s Lab was up 1.77% and HDFC Bank was up 0.13%.

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