US markets closed lower on Monday

05 Apr 2016 Evaluate

The US market closed lower on Monday, as losses for industrials and materials offset sharp gains in health-care shares. A fresh drop in oil prices weighed on risk appetite, eroding investor confidence after last week’s comments from Federal Reserve Chairwoman Janet Yellen which had helped support stock advances. Crude prices fell as comments by a Saudi Arabian prince dampened hopes for an output-freeze deal from major oil producers. Major oil producers are set to hold a meeting April 17 to discuss measures to curb production, but Saudi Arabia has stated that it would not freeze productions unless Iran also does so. Investors have turned their attention to the earnings season over the next month, starting next week. On the economy front, factory orders fell sharply in February, after a collapse in bookings for oil equipment and planes. Factory orders fell 1.7%, marking the third fall in four months. Orders for durable goods were revised to show a 3% decline instead of the previously reported 2.8% fall. Orders for equipment in the hard-hit mining, oil field and gas field machinery segment dropped by 20.1%. Those for nondefense aircraft dropped by 27.2% and for defense aircraft by 28%. Shipments fell 0.7%, the tenth drop in 11 months. Inventories fell 0.4%, the eighth straight monthly decline.

Meanwhile, Boston Fed President Eric Rosengren stated that interest rate hikes that occur sooner than the market expects are likely given the resilience of the economy. Rosengren added that the economy continued to improve despite headwinds from overseas. Financial market volatility has subsided. Rosengren enlightened that while problems could still arise, he expects that the very slow removal of accommodation reflected in futures market pricing could prove too pessimistic. Rosengren is a voting member of the Fed policy committee this year. In the past he has been seen as more of a dove on interest rate hikes but he was a firm supporter of the Fed’s first rate increase in December.

The Dow Jones Industrial Average lost 55.75 points or 0.31 percent to 17,737.00, Nasdaq dropped 22.74 points or 0.46 percent to 4,891.80 while, S&P 500 was down by 6.65 points or 0.32 percent to 2,066.13.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.24%, ICICI Bank was down 0.09% and HDFC Bank was down 0.03%. On the other hand, Tata Motors was up by 0.23% and Wipro was up 0.04%.

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