US markets closed lower ahead of Brexit vote

23 Jun 2016 Evaluate

The US markets closed lower on Wednesday, as polls showed the outcome of a UK referendum on whether to leave the European Union remained too close to call a day ahead of the vote. An online survey showed 45% of respondents are in favor of ditching the EU, while 44% prefer to stay. Nine percent of voters were undecided. On the domestic front, investors mostly shrugged off a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen on the economy and monetary policy. The Fed chief focused on the US fundamentals, noting that economy is picking up in the second quarter and she is hopeful there will be a commensurate pickup in job growth. Yellen added that it is not impossible for the Fed to raise interest rates even as other central banks ease policy. But the Fed has to factor this difference into its decisions because it can strengthen the dollar against other currencies. Yellen highlighted that Fed was justified to be careful and cautious about raising interest rates further given the uncertainties facing the economy and mixed readings from the labor markets and economic growth seen this year. She remained optimistic that economy would fight through the headwinds and the odds of a recession are quite low.

On the economy front, sales of previously owned homes increased in May to the highest level in nearly a decade, another sign of durable demand in the housing market despite ongoing headwinds. Existing-home sales rose 1.8% to a seasonally adjusted annual rate of 5.53 million. That was 4.5% higher compared to a year ago and the highest pace since February 2007. Though sales are strong, constrained inventory continues to dog the market, pushing prices higher and out of reach of many buyers. The median price in May was $239,700, 4.7% higher than a year ago.

The Dow Jones Industrial Average was down by 48.90 points or 0.27 percent to 17,780.83, Nasdaq lost 10.44 points or 0.22 percent to 4,833.32, while S&P 500 slipped 3.45 points or 0.17 percent to 2,085.45.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.90%, Wipro was up 0.05%, Infosys was up 0.04% and HDFC Bank was up 0.01%. On the other hand, ICICI Bank was down 0.02%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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