US markets closed mostly lower on Tuesday

01 Jun 2016 Evaluate

The US markets closed mostly lower on Tuesday, as investors turned cautious on the last trading day of the month and ahead of key economic data releases this week. On the economy front, a measure of Chicago-area economic activity fell in May back into contraction territory, an indication that the manufacturing sector is still sluggish. Chicago PMI fell 1.1 points to 49.3 in May. That’s the lowest level since February and the sixth time in 12 months it’s been below the 50 level, marking contraction. Consumer confidence fell in May to the lowest level since late 2015 as Americans turned slightly more pessimistic about overall business conditions and the job market. The consumer confidence index dropped to 92.6 from a revised 94.7 in April. That’s the lowest level since November and well below the post recession high of 103.8 set in early 2015.

Separately, consumer spending leaped 1% in April to mark the biggest gain in almost seven years, as Americans splurged on new cars and trucks. Higher gas prices also contributed to the gains. Consumers are able to spend a bit more because of a rush of new job creation in the past several years and an improvement in income growth. Incomes rose by 0.4% for the third time in the first four months of 2016. Yet the news wasn’t all good. Americans also dipped into their savings to fund some of their purchases. The savings rate in April fell to 5.4% last month after hitting a four-year high of 5.9% in March. Inflation as measured by the PCE index increased 0.3% in April. The so-called core rate of inflation that strips out the volatile food and energy categories rose 0.2%. The PCE index, the Federal Reserve’s preferred inflation barometer, rose 1.1% in the 12 months ended in April. That’s up from 0.8% in the prior month.

Meanwhile, US house prices jumped 0.9% in March. Prices in the S&P/Case-Shiller 20-City Index were 5.4% higher than a year ago, the same pace as in February. The Pacific Northwest continued to notch the biggest increase. Nationally, prices hit a fresh milestone in the three-month period ending in March. The 20-city composite index is now 11.5% lower than its 2006 peak after remaining stuck at about 12% lower than the earlier high for many months.

The Dow Jones Industrial Average closed down 86.02 points or 0.48 percent to 17,787.20, S&P 500 inched lower by 2.10 points or 0.10 percent to 2,096.96, while Nasdaq was up by 14.55 points or 0.29 percent to 4,948.06.

The Indian ADRs closed mixed; Tata Motors was up 3.69%, Dr. Reddy’s Lab was up 0.87% and ICICI Bank was up 0.01%. On the other hand, HDFC Bank was down 0.48% and Wipro was down by 0.16%.

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