US markets closed mostly lower; Nasdaq post minor gain

01 Feb 2017 Evaluate

The US markets closed mostly lower on Tuesday, as declines in industrial, technology and financials shares outweighed gains in health-care and utilities sectors. The main indexes still posted a third consecutive round of monthly gains. The selling pressure in early trade came amid signs that momentum following President Donald Trump’s election victory in November was fading, and as a January gauge of consumer confidence retreated from its highest level in 15 years. Outside politics, the Fed kicked off its two-day meeting Tuesday and will announce its policy decision on Wednesday.

On the economy front, consumer confidence edged back in January from lofty heights, on a slightly more sober assessment of future income in the wake of the election of President Donald Trump. The consumer confidence fell to a reading of 111.8 in January after hitting a 15-year high of 113.3 in December. Consumers’ appraisal of the present improved, to a reading of 129.7 from 123.5, but the expectations index fell to 99.8 from 106.4. The proportion expecting more jobs in the months ahead decreased from 21.7% to 19.8%, and the percentage of consumers expecting their incomes to increase declined from 21.5% to 18%. Business in the Midwest grew in January at the slowest pace since last spring, largely because of a decline in orders. The Chicago PMI fell 3.6 points to 50.3 from a revised 53.9 in December, well below expectations. A few months ago, the index had hit a two-year high.

On the other hand, national home price gains maintained momentum in November, two months after retaking the high last seen at the height of the housing bubble. The S&P/CoreLogic Case-Shiller 20-city index rose 5.3% compared to a year ago for the three month period ending in November, an acceleration from the 5.1% increase notched in October. It rose 0.2% during the month, or a 0.9% gain when seasonally adjusted. The national price index rose 5.6% for the year, up from 5.5% in October, and a seasonally adjusted 0.8% for the month. Among the 20 cities, Seattle, Portland and Denver continued to see the strongest price gains.

The Dow Jones Industrial Average dropped 107.04 points or 0.54 percent to 19,864.09, S&P 500 was down by 2.03 points or 0.09 percent to 2,278.87, while Nasdaq gained 1.08 points or 0.02 percent to 5,614.79.

The Indian ADRs closed mixed; ICICI Bank was down 0.14%, Wipro was down 0.07%, and Infosys was down 0.04%. On the other hand, Dr. Reddy’s Lab was up 0.80% and HDFC Bank was up 0.58%.

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