US markets closed lower on drop in consumer confidence

26 Oct 2016 Evaluate

The US markets closed lower on Tuesday, giving back some of the previous day’s advance as worries about a lackluster spate of earnings and a slip in a reading of consumer confidence weighed on market sentiment. A drop in the price of oil below $50 a barrel, lingering uncertainty about the US presidential election and growing expectations of a rate increase by the Federal Reserve, also contributed to the downbeat mood. William Dudley, president of the Federal Reserve Bank of New York stated that regulators need a clearer view of the trading that takes place in the US Treasury market, the world’s deepest, in order to better understand looming risks and the sources of abrupt changes in prices.

On the economy front, the confidence of Americans in the US economy fell in October to a three-month low just ahead of the presidential election, with more consumers saying that jobs are a bit harder to find. Consumer confidence drooped to 98.6 this month from 103.5 in September, a number that was revised lower. The level of confidence hit a one-and-a-half year high last month instead of a nine-year peak under the originally reported figure of 104.1. Consumer confidence is still near a post-recession peak despite the drop in October, so the report is unlikely to have any bearing on the presidential election. Hillary Clinton leads by a comfortable margin in most polls. The present situation index, a measure of current conditions, fell to 120.6 from 127.9. The future expectations index declined to 83.9 from 87.2. That’s the lowest level since July.

On the other hand, US home prices rose 0.4% in August, and were up 5.1% compared with a year ago, according to the S&P CoreLogic Case-Shiller 20-City index. In the three months ending in August, 10 cities in the 20-City composite index saw higher yearly gains than in July. Portland, Seattle and Denver all saw prices rise the most. Case-Shiller’s national index is within a hair of its 2006 peak - just 0.1% below. The smaller 20-City index is 7.2% lower. Tight inventory has constrained the housing market for years, driving prices higher.

The Dow Jones Industrial Average lost 53.76 points or 0.30 percent to 18,169.27, Nasdaq dropped 26.43 points or 0.50 percent to 5,283.40, while S&P 500 was down 8.17 points or 0.38 percent to 2,143.16.

The Indian ADRs closed mostly in red; HDFC Bank was down 2.07%, Tata Motors was down 0.40%, Infosys was down 0.30% and ICICI Bank was down 0.16%. On the other hand, Dr. Reddy’s Lab was up 2.07%.

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