US markets closed lower as crude-oil futures slumped

11 Aug 2016 Evaluate

The US markets closed lower on Wednesday, with the S&P 500 and Nasdaq retreating from record levels as the energy sector came under renewed pressure. The main indexes, which opened with small gains, turned lower as crude-oil futures slumped following data on supply and production. Oil futures fell to a one-week low after the US Energy Information Administration reported an increase of crude supplies last week, while Saudi Arabia revealed record crude production in July. Investors have been questioning the equity market’s ability to further test record highs as uncertainty about world-wide growth, domestic economic worries, and comparatively weak corporate earnings weigh. On the economy front, the federal government last month recorded the biggest monthly budget deficit since February, and the deficit so far this budget year is running 10 percent higher than a year ago. The deficit came in at $112.8 billion in July, highest since February’s $192.6 billion but down from $149.2 billion in July 2015. For the first 10 months of the budget year, which ends October 1, the deficit was $513.7 billion, up from $465.5 billion a year earlier. The government runs a deficit when it spends more than it collects in taxes and other revenue. So far this budget year, government revenues are flat from a year earlier but spending is up 2 percent.

On the other hand, job openings increased in June, and more people were hired. Labor’s Job Openings and Labor Turnover Survey showed there were 5.62 million openings, up from 5.51 million in May, but still a bit below the all-time high of 5.84 notched in April. There were 5.13 million people hired during the month, also an increase from the 5.05 million in May. Slightly fewer people quit voluntarily, but the 2.91 million quits in June is nearly double the levels of the worst of the recession. Quits are tracked as a measure of worker confidence in job prospects. The JOLTS report lags the monthly nonfarm payrolls data, but provides a more detailed look at the labor market and how fluid it is.

The Dow Jones Industrial Average lost 37.39 points or 0.20 percent to 18,495.66, Nasdaq dropped 20.89 points or 0.40 percent to 5,204.59, while S&P 500 was down 6.25 points or 0.29 percent to 2,175.49.

The Indian ADRs closed mostly in red; HDFC Bank was down 1.15%, Tata Motors was down 1.10%, Dr. Reddy’s Lab was down 0.52% and ICICI Bank was down 0.11%. On the other hand, Infosys was up 0.15%.

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