US markets slip; Dow, S&P sink to 3-month low

14 Jan 2016 Evaluate

The US markets suffered sharp losses on Wednesday, as a renewed slump in crude-oil prices added to the selling pressure, driving the S&P 500 and the Dow Industrials to their lowest levels since September 29, 2015. The Federal Reserve’s business contacts reported a mixed picture, with the manufacturing, agricultural and energy sectors continuing to struggle while consumers and housing remain on solid ground. The Fed’s Beige Book found modest growth in 9 of its 12 districts. Conditions were described as essentially flat in New York and Kansas City, while Boston reported conditions as upbeat. The latest Beige Book covers activity from late November through January 4. The report comes two weeks ahead of the Fed’s next policy committee meeting. There was little mention of the Fed’s December interest rate decision in the survey. Only contacts in Cleveland and Kansas City expressed concerns that higher interest rates may slow housing activity. The Beige Book reported that overall price inflation remained minimal during the reporting period.

Meanwhile, the US budget deficit was $14 billion in December, compared to a surplus of $2 billion in the same month a year ago. For the third month of the current fiscal year, the federal government spent $364 billion and took in $350 billion. The government would have run a surplus of $38 billion in December if not for the timing of some transactions, like benefit payments shifting into December from January. For the fiscal year to date, the deficit is up 22% to $216 billion. Incorporating timing shifts, however, it’s up 5%. Receipts are running 4% higher than in the first three months of fiscal 2015, and spending is 7% higher. The US government’s budget year runs from October through September.

The Dow Jones Industrial Average lost 364.81 points or 2.21 percent to 16,151.41, the Nasdaq was down 159.85 points or 3.41 percent to 4,526.07 while, the S&P 500 dropped 48.40 points or 2.50 percent to 1,890.28.

The Indian ADRs closed in red; Dr. Reddy’s Lab was down 0.31%, HDFC Bank was down 0.30%, Wipro was down 0.29%, Tata Motors was down 0.16% and Infosys was down by 0.11%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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