US markets closed lower on Friday

18 Jun 2016 Evaluate

The US markets closed lower on Friday, posting weekly losses, as investors continued to fret over the possibility that the UK may leave the European Union on top of lingering concerns about the Federal Reserve’s reluctance to raise interest rates. The long-anticipated ‘Brexit’ referendum on the UK’s membership in the European Union is set for Thursday. On the domestic economy front, housing starts dipped in May but held near recent highs, a sign residential construction may have settled into a groove after post-recession fits and starts. Starts fell 0.3% to a seasonally adjusted annual pace of 1.16 million. Permits, which foreshadow future starts, rose 0.7% to a 1.14 million rate. The decline in starts may have been less severe than expected in part because April’s increase, previously reported as 6.6%, was revised down slightly. So far in the second quarter, starts are averaging a 1.17 million pace, up from the second quarter, which was an increase from the final three months of 2015. Starts for single-family homes, which are watched closely because they signal more commitment to homeownership and provide more of an economic boost, rose 0.3% to a 764,000 pace, a three-month high. Using a 12-month rolling average, such starts are up 12.9% compared to May 2015.

Meanwhile, St. Louis Fed President James Bullard stated that the US economy may only need one rate hike for as long as 2-1/2 years and the Federal Reserve is eroding its credibility by indicating otherwise. Bullard called for the Fed to discard its practice of projecting long-run values for things like economic growth and the target policy rate, acknowledge it has little certainty about the future, and state that the economy is not likely to get much worse or much better than it is now, absent some outside shock. Bullard felt that appropriate federal funds rate is around 0.63 percent, roughly a quarter point above where it stands, and will likely stay there for the foreseeable future.

The Dow Jones Industrial Average was down by 57.94 points or 0.33 percent to 17,675.16, Nasdaq dropped 44.58 points or 0.92 percent to 4,800.34, while S&P 500 lost 6.77 points or 0.33 percent to 2,071.22.

The Indian ADRs closed mixed; HDFC Bank was down 0.67%, Dr. Reddy’s Lab was down 0.52% and Wipro was down 0.01%. On the other hand, Tata Motors was up 0.50% and ICICI Bank was up 0.06%.

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