US markets slip on weak economic data

25 Mar 2014 Evaluate

The US markets closed lower on Monday despite regaining some lost ground in the late trading session. On the economy front there was mixed set of numbers, a gauge of economic activity swung back to positive territory in February, according to data released by the Chicago Fed. The national activity index rose to 0.14 from negative 0.45 in January, while the three-month moving average fell to negative 0.18 from positive 0.02. The index is a weighted average of 85 different economic indicators, designed so that readings of zero indicate trend growth. When the three-month average value moves below -0.70 following a period of economic expansion, there is an increasing likelihood that a recession has begun.

Separately, the initial or flash Markit PMI for the US fell to 55.5 in March from 57.1 in February, but still showed improving conditions for manufacturers. Readings over 50 in the purchasing managers’ index indicate growth. In March, output was barely changed at 57.5. New orders dipped to 58.0 from 59.6 and employment fell to 53.9 from 54.1. The slight drop off in the March PMI comes after the Markit index rose in February to the highest level in almost four years, helped by manufacturers catching up after winter-related softness in January.

Meanwhile, San Francisco Federal Reserve President John Williams stated that there was no suggestion from the Federal Reserve last week that the central bank will pull the trigger to hike interest rates sooner than previously believed. Williams added that he really doesn’t see anything suggesting that Fed is going to tighten monetary policy sooner rather than previously.

The Dow Jones Industrial Average lost 26.08 points or 0.16 percent, to 16,276.69, the Nasdaq Composite was down by 50.40 points or 1.18 percent, to 4,226.39, while the S&P 500 dropped 9.08 points or 0.49 percent, to close at 1,857.44.

The Indian ADRs closed mixed on Monday; Infosys was down 0.54%, Dr. Reddy’s Lab was down 0.30% and Wipro was down 0.10%. On the other hand, ICICI Bank was up 1.01% and HDFC Bank was up by 0.55%.

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