US markets closed lower on weak economic data

24 Nov 2015 Evaluate

The US markets closed lower on Monday, as investors appeared content to consolidate after big gains last week. The markets will be closed on Thursday for the Thanksgiving Day holiday. A half-day of equity trading follows on Friday. On the economy front, a reading of manufacturing sentiment fell in November to its lowest level in 25 months. The flash manufacturing Purchasing Managers’ Index from Markit fell to a reading of 52.6 from 54.1 in October, with all five of the PMI components deteriorating. While over the 50 mark indicating improving conditions, this puts the PMI closer to the more downbeat assessment from the Institute for Supply Management. The flash estimate is typically based on approximately 85%-90% of total PMI survey responses each month. Higher prices and tighter inventory are straining the recovering housing market. Sales of existing homes ran at a seasonally adjusted annual rate of 5.36 million in October. That was down 3.4% from 5.55 million in September, a level which marked the second-best in eight years. Sales were 3.9% higher compared to the same period a year ago. Inventory remained lean. There were 2.14 million homes available for sale, or 4.8 months at the current sales pace. That’s well below the long-term average of 6 months.

Meanwhile, San Francisco Fed President John Williams on Saturday stated that there is a strong case for raising interest rates as long as US economic data does not disappoint. Assuming that we continue to get good data on the economy, continue to get signs that we are moving closer to achieving our goals and gaining confidence getting back to 2-percent inflation. If that continues to happen there’s a strong case to be made in December to raise rates. Williams cleared that rate hikes would not only be gradual, but would not follow the stair-step pattern that characterized the Fed’s last policy-tightening cycle, when it raised rates by a quarter of a percentage point at every meeting.

The Dow Jones Industrial Average lost 31.13 points or 0.17 percent to 17,792.68, Nasdaq was down 2.44 points or 0.05 percent 5,102.48, while the S&P 500 dropped 2.58 points or 0.12 percent to 2,086.59.

Indian ADRs ended mostly in red, Tata Motors was down by 0.16%, Dr. Reddy’s Lab was down by 0.07% and ICICI Bank was down 0.06%. On the other hand, HDFC Bank was up 0.22% and Infosys was up 0.03%.

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