US markets closed lower as oil sink

03 Feb 2016 Evaluate

The US markets closed sharply lower on Tuesday, as investors’ unloaded energy and financial stocks amid a selloff in crude-oil futures, which settled below $30 a barrel. A fresh slump in oil prices following a slide on Monday, weighed on energy companies’ stocks. On the economy front, sales of new vehicles dropped in the United States in January from a year ago, partly because of the snowstorm that shut down dealerships across the East Coast. Over all, the industry reported selling about 1.15 million vehicles during the month, a decline of 0.3 percent from January 2015. That was better than expected, particularly because January had two fewer selling days than last year because of a quirk in the calendar. The major auto manufacturers reported mixed results as demand continued to tilt more toward sport utility vehicles and pickups and away from traditional passenger cars. Investors aren’t the only ones running for safety as the market tumbles and the economy wobbles. Businesses, too, are indicating an unwillingness to take on risk as loan demand declined for the first time in about four years, according to the Federal Reserve’s Senior Loan Officer Survey released. Demand for commercial and industrial loans has plunged in 2016, with declines happening across business sizes. Large- and medium-sized businesses had an 11.1 percent decline, while demand from small businesses fell 12.7 percent.

On the other hand, the US economy is on track to grow 1.2 percent in the first quarter after government data showed it grew at a 0.7 percent pace in the final quarter of 2015, the Atlanta Federal Reserve’s GDPNow forecast model showed. Construction spending ticked up 0.1 percent after a downwardly revised 0.6 percent drop in November, the Commerce Department said on Monday. December's small increase and November's slightly steeper decline could affect the government's fourth-quarter gross domestic product estimate.

The Dow Jones Industrial Average lost 295.64 points or 1.80 percent to 16,153.54, the Nasdaq was down 103.42 points or 2.24 percent to 4,516.95 while the S&P 500 dropped by 36.35 points or 1.87 percent to 1,903.03.

The Indian ADRs closed in red; Tata Motors was down 1.35%, HDFC Bank was down 1.26%, Dr. Reddy’s Lab was down 0.67%, ICICI Bank was down 0.40% and Infosys was down by 0.21%.

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