US markets closed lower ahead of US presidential debate

27 Sep 2016 Evaluate

The US markets closed lower on Monday, as worries about Germany’s Deutsche Bank weighed on the financial sector while the upcoming US presidential debate also contributed to jittery sentiment. The mounting uncertainty as the presidential race is pushing some investors to unwind positions. Crude-oil futures recovered on renewed hopes that the Organization of Petroleum Exporting Countries and other major oil producers, including Russia, might make progress on a deal to limit production. The producers will meet on the sidelines of an energy conference in Algeria on Wednesday. On the economy front, sales of newly-constructed homes dropped 7.6% in August but beat forecasts. New home sales ran at a 609,000 seasonally adjusted annual rate. That was 20.6% higher compared to a year ago. The data tracking sales of new homes is often volatile and economists had expected a sharp reversal from the near 9-year high notched in July, but August numbers beat the median forecast of a 600,000 rate. An upward revision to July’s number, previously reported as 654,000, took that to 659,000, marking the highest since late 2007. That gain was mostly offset by a downward revision to June figures, however. There were 4.6 months’ worth of homes available at the current pace of sales in August. The median sales price in August was $284,000, continuing a downward trend. That was the lowest since September 2014 and 5.4% below year-ago levels.

Meanwhile, Minneapolis Fed President Neel Kashkari stated that the Federal Reserve made the right move in deciding last week to leave interest rates unchanged, because inflation remains low and more workers are returning to the labor force. Kashkari added that he does not consider himself either a monetary policy dove with a preference for lower rates or a hawk who leans toward higher rates. Instead, he watches inflation, inflation expectations, and the unemployment rate for clues on the optimal setting for interest rates.

Separately, Dallas Federal Reserve President Robert Kaplan enlightened that he would have been comfortable with an interest rate increase at the Fed’s policy meeting last week when the central bank chose to keep rates steady. Kaplan added that he was not that worried about the US economy overheating, saying the labor market was not yet at full strength. What concerns him more, was that low interest rates could create distortions in the US economy.

The Dow Jones Industrial Average lost 166.62 points or 0.91 percent to 18,094.83, Nasdaq dropped 48.26 points or 0.91 percent to 5,257.49, while S&P 500 was down 18.59 points or 0.86 percent to 2,146.10.

The Indian ADRs closed in red; Tata Motors was down 1.15%, Dr. Reddy’s Lab was down 0.58%, ICICI Bank was down 0.16% and Infosys was down 0.09%. On the other hand, HDFC Bank was up 0.09%.

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