US markets closed mostly lower after Fed report

08 Sep 2016 Evaluate

The US markets closed mostly lower on Wednesday, after a report from the 12 Federal Reserve districts had a modestly positive tone about the economy but noted that the presidential election is making some firms cautious about expanding activity. The Fed’s latest beige book report stated that commercial real estate contacts in several districts cited only modest expectations for sales and construction activity moving forward, due in part to economic uncertainty surrounding the November elections. The Dallas, Cleveland and Boston districts cited the election as one reason that firms were cautious about the outlook. Overall, the beige book had the same modestly positive tone seen in the last few surveys. The latest report gave no hint of a second-half surge in growth or any reason for urgency to raise interest rates. The Fed report highlighted that activity in the manufacturing sector was flat to slightly up, while demand growth for nonfinancial services picked up slightly. Six Fed districts reported tight labor markets but overall wage pressures remained fairly modest. The Fed’s latest beige book report, meanwhile, was viewed as providing more fodder for the central bank, as it contemplates an interest-rate increase in the near term.

On the economy front, the Labor Department’s job openings and labor turnover survey showed 5.87 million openings, an all-time high, while hires increased to 5.23 million from 5.17 million in June. The number of people quitting jobs voluntarily was flat at 2.98 million, but that’s still up substantially from the depths of the recession, signaling more worker confidence in the ability to find another job. JOLTS lags the monthly nonfarm payrolls data, but provides more detail on the labor market and how fluid, or stagnant, it is.

The Dow Jones Industrial Average lost 11.98 points or 0.06 percent to 18,526.14, S&P 500 was down 0.32 points or 0.01 percent to 2,186.16, while Nasdaq was up 8.02 points or 0.15 percent to 5,283.93.

The Indian ADRs closed mostly in green; Dr. Reddy’s Lab was up 0.43%, ICICI Bank was up 0.14% and Tata Motors was up 0.05%. On the other hand, HDFC Bank was down 0.18% and Wipro was down 0.12%.

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