The US markets closed lower on Monday, a selloff sparked by a Chinese stock-market, propelled US stock indexes to their fifth consecutive session of losses. Investors this week are waiting for clues on the timing of a rate rise from the closely watched Federal Reserve meeting on Tuesday and Wednesday. On the economy front, orders for durable goods jumped 3.4% in June because of strong demand for passenger airplanes, but US business investment rose just modestly and is still running well below year-ago levels. Manufacturers have struggled in 2015 with a stronger dollar that’s made US-produced goods more expensive. Companies have also been hurt by slower global growth and a slump in spending by the domestic oil industry, the byproduct of much cheaper oil prices. The surge in orders in June was piloted by a 66% spike in bookings for commercial aircraft. Orders for autos also rose 0.2%. Core orders rose a modest 0.9% in June following two straight declines. Business investment is running 3.4% below 2014 levels halfway through the year.
The Dow Jones Industrial Average lost 127.94 points or 0.73 percent to 17,440.59, the Nasdaq was down 48.85 points or 0.96 percent to 5,039.78 while the S&P 500 dropped 12.01 points or 0.58 percent to 2,067.64.
The Indian ADRs ended in red on Monday, Tata Motors was down 1.01%, Infosys was down 0.49%, Dr. Reddy’s Lab was down 0.48%, HDFC Bank was down 0.44% and ICICI Bank was down by 0.17%.