US markets snaps the session with modest gains

02 Jun 2016 Evaluate

The US markets closed higher on Wednesday, as investors focused on the positive aspects of the latest batch of data that showed the US economy plodding along. The Federal Reserve’s Beige Book, a collection of anecdotes about the economy, indicated that most districts were seeing only moderate performance and that consumer spending and employment posted mostly modest growth. The Chicago and Kansas City districts reported that the pace of growth had slowed, while the Dallas district reported minimal growth. The New York Fed’s activity in its district was flat. Several districts reported rising demand for high-skilled workers. Atlanta and Richmond noted that low-skilled positions were also getting harder to fill. About the best thing mentioned in the report was that the US central bank’s business contacts were generally optimistic about the future, with firms expecting growth to continue at its current pace or to increase. Also, the US manufacturers grew in May but at a very slow pace, suggesting the sector is unlikely to speed up anytime soon. The Institute for Supply Management stated that its manufacturing index rose to 51.3% last month from 50.8% in April. Readings over 50% indicate more companies are expanding instead of shrinking. The index has topped the cutoff mark for three straight months after slipping below 50% for five straight months.

On the other hand, US auto sales shifted downward in May as fewer selling days in the month led to less foot traffic in showrooms. The auto selling rate for the month came in at 17.45 million. That rate, however, is higher than the rate set during the first four months of the year and likely adequate to keep the industry on pace for a second-consecutive annual volume record. Still, some prominent dealers have voiced concerns about underlying demand in the market after several years of market growth. Construction spending tumbled in April, due in part to a decline in residential spending. The 1.8% decline was well below forecasts of a 0.7% gain polled. The monthly data followed an upward revision to March data of about 1.5%.Weakness in April was widespread. Residential construction declined 1.5%, while public construction spending fell 2.8%. Outlays for highways were down 6.6%. Many categories are stronger than they were a year ago, however, and overall all spending is 4.5% higher than in April 2015.

The Dow Jones Industrial Average was up 2.47 points or 0.01 percent to 17,789.67, Nasdaq was higher by 4.19 points or 0.08 percent to 4,952.25 while, S&P 500 gained 2.37 points or 0.11 percent to 2,099.33.

The Indian ADRs closed mixed; HDFC Bank was up 0.45%, Wipro was up by 0.17% and Infosys was up 0.11%. On the other hand, Dr. Reddy’s Lab was down 0.26% and Tata Motors was down 0.17%.

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