US markets closed lower on Trump's comments

18 Jan 2017 Evaluate

The US markets closed lower on Tuesday, as investors remained cautious in the wake of President-elect Donald Trump’s charge that a strong dollar is hurting the economy. Trump’s comments on the dollar over the weekend sent the currency sharply lower. Investors are taking Trump’s comments as a sign that he may not be as open to a series of interest rate increases and a stronger dollar as had been initially projected. On the economy front, after reaching an 8-month high at the end of last year, an index of manufacturing conditions in the New York area pulled back in January. The Empire State’s general business conditions slipped to 6.5 in January from a revised 7.6 in December. Readings of business and consumer confidence have surged for the most part since Donald Trump won the US election, in anticipation of lighter regulation and a cut in business taxes. New orders slumped to 3.1 in January from 10.4 in the prior month. Shipments performed better, holding at 7.3 from 8.6 in December. The two employment indexes remained in negative territory. One bright spot was the index for future general business conditions which remained at multi-year high levels of 49.7.

Meanwhile, New York Fed President William Dudley stated that muted trends in US inflation and economic growth mean the US Federal Reserve is unlikely to threaten the expansion with aggressive interest-rate increases to keep price pressures in check. Dudley added that the economy is not growing much above its sustainable long-term pace and pressures on labor resources have been increasing, but quite slowly. The recent strengthening of the dollar will put downward pressure on import prices and limit the ability of domestic producers to raise their prices. Dudley enlightened that the economic expansion will continue over the next few years. The household sector’s financial condition is in unusually good shape for this point in the economic cycle. The New York Fed chief pointed to data showing that US households have shunned spending financed by home-equity lines of credit, which played a major role in the consumption binge that was evident in the run-up to the 2008 recession and financial crisis. Dudley’s comments come as policy makers weigh how fast they should raise interest rates.

The Dow Jones Industrial Average lost 58.96 points or 0.30 percent to 19,826.77, Nasdaq dropped 35.39 points or 0.63 percent to 5,538.73, while S&P 500 was down 6.75 points or 0.30 percent to 2,267.89.

The Indian ADRs closed mostly in green; HDFC Bank was up 0.77%, Tata Motors was up 0.17% and Wipro was up 0.15%. On the other hand, ICICI Bank was down 0.08% and Infosys was down 0.01%.

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