US markets closed mostly lower on Monday

02 Feb 2016 Evaluate

The US markets closed mostly lower on Monday, as the sentiment were hit by renewed declines in oil futures, amid fresh signs of sluggishness in China’s economy and dimming prospects of a coordinated oil production cut by key producers. Federal Reserve Vice Chairman Stanley Fischer stated that the US central bank was worried the global market selloff could sap the strength of the US economy, suggesting the market’s expectations of barely any interest rate hikes this year could turn out to be right. Fischer added that at this point, it is difficult to judge the likely implications of this volatility. If these developments lead to a persistent tightening of financial conditions, they could signal a slowing in the global economy that could affect growth and inflation in the United States. Fischer enlightened that there have been prior episodes of financial market volatility in recent years that have left little imprint on the economy.

On the economy front, consumer spending was flat in December as Americans mostly pocketed their income gains, but outlays in 2015 were the strongest in a decade. Americans bought fewer new cars and trucks last month. But more positively, they also shelled out less on gasoline because of falling prices. Unseasonably warm weather also caused heating and electricity bills to drop and allowed consumers to put off purchases of winter clothes. The tepid pace of spending last month was partially offset by stronger spending in November than the government initially reported. Outlays were revised to show a 0.5% advance. But spending in the final three months of 2015 was softer than in the prior two quarters. Consumers didn’t cut back because of tighter finances, however. Incomes rose 0.3% in December. With Americans spending less than they earned at the end of the year, the savings rate rose to 5.5% from 5.3%.

Meanwhile, US manufacturing activity contracted for the fourth straight month, albeit at a slower pace in January than expected. The Institute for Supply Management’s manufacturing index rose to 48.2% in January from 48%, above forecasts but still below the reading of 50% that signals expansion. The PCE index, the Fed’s preferred inflation gauge, fell 0.1% in December and 1.4% over the past 12 months, remaining well below the Fed’s 2% target.

The Dow Jones Industrial Average lost 17.12 points or 0.10 percent to 16,449.18, the S&P 500 was down by 0.86 points or 0.04 percent to 1,939.38 while the Nasdaq was up 6.42 points or 0.14 percent to 4,620.37.

The Indian ADRs closed mixed; HDFC Bank was down 0.40%, ICICI Bank was down 0.23% and Infosys was down by 0.14%. On the other hand Tata Motors was up 0.52% and Dr. Reddy’s Lab was up 0.35%.

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