US markets closed choppy session on a soft note

19 Aug 2015 Evaluate

The US markets closed choppy session mostly lower on Tuesday, as investors digested a mixed bag of quarterly results and an upbeat report on home construction in July. Shares of Wal-Mart dropped after the retailer lowered its full-year earnings outlook and posted profit below analyst forecast. Home Depot shares rose after the home-improvement store lifted its outlook again following better-than-expected sales growth. On the economy front, construction on new US homes rose in July at the fastest pace since before the Great Recession, offering further proof that the housing market continues to gain strength. Housing starts edged up 0.2% to an annual rate of 1.21 million last month. That’s the highest rate since October 2007, two months before the last recession began. Starts for June were also revised up to a 1.20 million pace from 1.17 million. Yet permits for new construction, a sign of future demand, fell 16.3% to an annual rate of 1.12 million. Still, permits are 7.5% higher compared to one year ago. Permits for single-family homes, which account for almost three-quarters of the housing market, slipped 1.9% to an annual rate of 679,000 last month.

Meanwhile, Vice President of St. Louis Fed Stephen D. Williamson stated that there is no evidence QE boosted economy, finding fault with three key policy tenets. Williamson added that the Federal Reserve is putting some of its post-crisis actions under a magnifying glass and not liking everything it sees. Specifically, he believes the zero interest rates in place since 2008 that were designed to spark good inflation actually have resulted in just the opposite. And he believes the forward guidance the Fed has used to communicate its intentions has instead been a muddle of broken vows that has served only to confuse investors. Finally, he asserts that quantitative easing, or the monthly debt purchases that swelled the central bank’s balance sheet past the $4.5 trillion mark, have at best a tenuous link to actual economic improvements.

The Dow Jones Industrial Average lost 33.84 points or 0.19 percent to 17,511.34, the Nasdaq dropped 32.35 points or 0.64 percent to 5,059.35, while the S&P 500 was down by 5.52 points or 0.26 percent to 2,096.92.

The Indian ADRs ended mostly in green on Tuesday, Dr. Reddy’s Lab was up 1.33%, Infosys was up 0.10% and Wipro was up 0.05%. On the other hand, HDFC Bank was down by 0.90% and Tata Motors was down 0.24%.

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