US markets closed mostly lower; Nasdaq ekes out minor gain

23 Aug 2016 Evaluate

The US markets closed mostly lower on Monday, with the Dow Industrial and S&P 500 logging modest losses, as the mood turned cautious ahead of a speech by Federal Reserve Chairwoman Janet Yellen at the end of the week. A retreat in crude-oil prices also weighed on the broader market, dragging shares of oil and gas companies into the red. Investors are awaiting clues about US monetary policy from Federal Reserve Chairwoman Janet Yellen at a retreat of economists and Fed members in Jackson Hole, Wyo., scheduled on Friday. In her planned speech in Jackson Hole, Yellen could signal that the Fed is ready to raise interest rates as soon as next month. Such a statement may weigh on equity investors, who have enjoyed central-bank policies that have been supportive of the multiyear run-up in stocks. The CME Group’s FedWatch tool, a gauge of Wall Street’s expectations for a Fed interest-rate hike, indicated that the market was pricing in an 18% probability of a rate increase in September and 43.1% in December.

Meanwhile, Federal Reserve Vice Chairman Stanley Fischer signaled that a 2016 rate hike is still under consideration, saying the US economy is already close to meeting the central bank’s goals and that growth will gain steam. Fischer added that looking ahead, he expects GDP growth to pick up in coming quarters, as investment recovers from a surprisingly weak patch and the drag from past dollar appreciation diminishes. While the economy has done less well in moving toward the Fed’s 2 percent inflation target, Fischer enlightened that the central bank’s preferred price benchmark, minus food and energy costs, at 1.6 percent was within hailing distance of 2 percent.

The Dow Jones Industrial Average lost 23.15 points or 0.12 percent to 18,529.42, S&P 500 dropped 1.23 points or 0.06 percent to 2,182.64, while Nasdaq was up 6.22 points or 0.12 percent to 5,244.60.

The Indian ADRs closed in red; Tata Motors was down 0.32%, HDFC Bank was down 0.23%, Wipro was down 0.15%, ICICI Bank was down 0.12% and Infosys was down 0.10%.

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