US markets closed lower on fresh drop in oil prices

10 Feb 2016 Evaluate

The US markets closed its volatile session lower on Tuesday, as a rally in materials was offset by losses in the energy sector fueled by a fresh drop in oil prices amid a global stock selloff. All three benchmarks opened in negative territory, turned positive and later released their gains as oil prices skidded again. The market is starting to price out any more rate hikes from the Fed in 2016. Fed Chairwoman Janet Yellen’s semiannual testimony before House and Senate committees is scheduled on Wednesday and Thursday. On the economy front, the number of Americans leaving jobs voluntarily rose 7% to 3.1 million in December. That was the highest since December 2006, and it confirms that the job market had hit its stride in December. It shows worker confidence in the ability to find another job, which had remained fragile, has picked up. There was other good news in Labor’s Job Openings and Labor Turnover Summary. Job openings rose 5% to 5.6 million in December, the second-highest ever recorded, behind only July 2015, when it touched 5.7 million. Hires rose to 5.36 million from 5.25 million.

Meanwhile, inventories at US wholesalers fell in December for the third straight month, another sign companies cut back on restocking toward the end of 2015 amid softer sales. Inventories dropped 0.1% to a seasonally adjusted $582 billion. Annualized growth in restocking slowed to 1.9% from a 6% pace early last year. Sales for wholesalers fell 0.3% in December. From December 2014 to December 2015, wholesale sales sank 4.5%, mostly because of less demand for metals used in an array of goods. The ratio of inventories to sales was unchanged at 1.32.

The Dow Jones Industrial Average lost 12.67 points or 0.08 percent to 16,014.38, the Nasdaq was down 14.99 points or 0.35 percent to 4,268.76 while the S&P 500 dropped 1.23 points or 0.07 percent to 1,852.21.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 2.66%, Tata Motors was down 0.83%, Infosys was down by 0.21% and Wipro was down 0.13%. On the other hand, HDFC Bank was up 0.20%.

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