US markets closed lower ahead of Trump’s presidential inauguration

20 Jan 2017 Evaluate

The US markets closed lower on Thursday, with the Dow Jones Industrial Average suffering its worst losing streak since November as investors remained cautious a day ahead of Donald Trump’s presidential inauguration. Federal Reserve Chairwoman Janet Yellen said that signs of overheating in the broader economy are scarce at the moment and risks are small that such conditions could suddenly emerge, signaling she saw no reason to rapidly raise interest rates. She added that the labor market might strengthen further as the economy continues to expand at a moderate pace, but GDP growth is still being held down by a variety of forces, including slow labor-force and productivity growth, weak growth abroad and lingering headwinds from the financial crisis. She noted that core inflation is rising mainly because of the waning of the effects of earlier movements in the dollar, not upward pressure from resource utilization. Yellen warned that delaying rate hikes might force the Fed to later raise rates rapidly, which could disrupt financial markets and push the economy into recession.

On the economy front, first-time claims for US unemployment benefits unexpectedly declined in the week ended January 14. The report said initial jobless claims fell to 234,000, a decrease of 15,000 from the previous week’s revised level of 249,000. Manufacturing activity in the Philadelphia region expanded at the fastest pace in more than two years in January. The Philadelphia Federal Reserve’s index of business conditions rose to 23.6 this month from a revised 19.7 in December, marking the fastest pace since November 2014. The underlying details indicated some strength in labor demand, as the employment index rose to 12.8 from 3.6 in December. That’s the highest level in 21 months. New orders rose to 26 this month from 14.9 in December. Shipments were also strong. Most manufacturers in the Philadelphia region expect business to be better six months from now. An index that measures future expectations hit the highest level since August 2014.

The Dow Jones Industrial Average lost 72.32 points or 0.37 percent to 19,732.40, the Nasdaq dropped 15.58 points or 0.28 percent to 5,540.08, while S&P 500 was down by 8.20 points or 0.36 percent to 2,263.69.

The Indian ADRs closed mostly in red; Dr. Reddy’s Lab was down 0.56%, HDFC Bank was down 0.26%, ICICI Bank was down 0.16% and Infosys was down 0.05%. On the other hand, Tata Motors was up 0.41%.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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