US markets closed lower on mixed earnings

28 Oct 2016 Evaluate

The US markets closed lower on Thursday, fluctuating between slight gains and losses, as a jump in bond yields prompted a selloff in defensive sectors such as real estate, while investors sifted through mixed earnings results and deal news. On the economic front, orders for long-lasting goods made in the US fell slightly in September, a weak performance owing largely to lower demand for military hardware and computers. Business investment also posted the biggest drop in seven months, reflecting a tough environment for American manufacturers still coping with uneven demand and tepid spending. The decline in September, the first in three months, stemmed from a 45% plunge in bookings for large military goods such as fighter jets. Core orders slumped 1.2% last month and they are down 4.1% over the past year. Orders are off an even larger 10.9% from the post-recession peak in September 2014.

On the other hand, the number of people who applied for unemployment benefits last week stretching from October 16 to October 22 fell by 3,000 to 258,000, extending a period of extremely low layoffs last seen in the early 1970s. Earlier this month new claims fell to a 43-year low of 246,000. Initial claims have been below the key 300,000 threshold for 86 straight weeks. The last time that happened was in 1970. The less volatile four-week average of initial claims, seen as a more accurate measure of labor-market trends, rose by 1,000 to 253,000. Continuing jobless claims declined by 15,000 to 2.04 million in the week ended October 15.

Meanwhile, a gauge of pending home sales rose 1.5% in September, reversing an August decline. The National Association of Realtors’ pending home sales index hit 110.0, thanks to surging demand in the West and South. The index is now 2.4% higher than it was a year ago, and the monthly gain beat the 1.0% median forecast surveyed. In September, pending home sales slid 1.6% in the Northeast, but the index there is still 7.7% higher than it was a year ago.

The Dow Jones Industrial Average lost 29.65 points or 0.16 percent to 18,169.68, Nasdaq dropped 34.30 points or 0.65 percent to 5,215.97, while S&P 500 was down 6.39 points or 0.30 percent to 2,133.04.

The Indian ADRs closed mostly in green; HDFC Bank was up 1.04%, Dr. Reddy’s Lab was up 0.81% and Tata Motors was up 0.14%. On the other hand, Infosys was down 0.26% and Wipro was down 0.13%.

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