US markets closed lower; snaps four days winning streak

06 Jul 2016 Evaluate

The US markets closed lower on Tuesday, snapping a four-session rally as Brexit-related uncertainties resurfaced to spook the market, on a day marked by light-trading volume following Independence Day holiday. A sharp drop in crude-oil prices contributed to the overall sentiment, weighing on energy shares. Investors will now be closely watching the minutes from the Federal Reserve’s June meeting, which is scheduled to be out on Wednesday. On the economy front, factory orders in the US fell 1% in May after two straight gains. Durable goods orders declined 2.3%. Demand for mining and energy-related equipment slid 5.8% following a 20.8% plunge in the prior month. Orders for computers were also weaker. Bookings for nondurable goods rose 0.3%, however.

Meanwhile, San Francisco Fed President John Williams stated that the UK vote to leave the European Union is unlikely to be a big deal for the US economic outlook. The direct financial market response to the June 23 vote has been well within expectations so far. Williams enlightened that despite a disappointing US jobs report for May, which showed employers added just 38,000 jobs that month, the underlying trend continues to be good, continues to be above trend and continues to show that the economy is strengthening and not weakening.

Separately, New York Fed President William Dudley stated that the Federal Reserve can be patient on raising interest rates due to low inflation and uncertainties over US economic prospects, including Britain’s vote to leave the European Union. Dudley added that one of the biggest clouds on the horizon for the US economy is Britain’s vote, even though it is still early days to understand the consequences. If there are broad contagions in financial markets and if it leads to greater questions about the stability of the European Union, then it would have more severe consequences.

The Dow Jones Industrial Average was down by 108.75 points or 0.61 percent to 17,840.62, Nasdaq lost 39.67 points or 0.82 percent to 4,822.90, while S&P 500 dropped 14.40 points or 0.68 percent to 2,088.55.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.81%, Tata Motors was down 0.77%, HDFC Bank was down 0.57% and Wipro was down 0.08%. On the other hand, ICICI Bank was up 0.02%.

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