US markets closed lower; Dow snaps 9-day winning streak

22 Jul 2016 Evaluate

The US markets closed lower on Thursday, with the Dow industrials snapping a nine-day string of gains, as a hot equity market cooled ahead of key central-bank meetings. At least 15 central banks are scheduled to hold policy meetings in the next few days with the Federal Reserve’s Federal Open Market Committee conference set for July 26-27. The Fed is widely expected to hold rates unchanged, but policy makers may hint at a rate increase in coming months, possibly as soon as September. On the economy front, activity of US manufacturers in the Philadelphia region contracted in July, suggesting the hard-hit sector continues to struggle. The Philadelphia Federal Reserve’s index of business conditions declined to negative 2.9 this month from positive 4.7 in June. This is the ninth month of declining activity of the past 11 months and the slowest pace in six months. The headline of the Philly Fed survey dovetailed with a similar report by New York Fed, known as the Empire State index, which was a positive but meager 0.6 in July. This was led by improvements in production related indicators. Three of four broad categories increased in May and 2 of the 4 contributed to the gain in June.

On the other hand, the number of Americans who applied for unemployment benefits last week fell by 1,000 to 253,000, matching the second lowest level of a seven-year-old economic expansion that shows no signs of flagging. The street had forecast initial jobless claims to total a seasonally adjusted 260,000 in the week stretching from July 10 to July 16. Claims have been below the key 300,000 benchmark for 72 weeks - the longest such stream since 1973 - and show no sign of rising. The weekly report has a track record of being one of the best indicators at predicting several months in advance if the economy is headed toward expansion or recession. The average of new jobless claims over the past month slid by 1,250 and stood at 257,750. Continuing jobless claims declined by 25,000 and stood at 2.13 million in the week ended July 9. The leading economic index for the US rose 0.3% in June after declining in May. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys produced by the Conference Board. A measure of current conditions increased 0.3%. A lagging index fell 0.1%.

The Dow Jones Industrial Average was down by 77.80 points or 0.42 percent to 18,517.23, Nasdaq lost 16.03 points or 0.31 percent to 5,073.90 while, S&P 500 dropped 7.85 points or 0.36 percent to 2,165.17.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.94%, Wipro was down by 0.14%, ICICI Bank was down 0.06% and Tata Motors was down 0.01%. On the other hand, HDFC Bank was up 0.15%.

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