Indian ADRs end mostly lower led by Tata Motors
US stocks ended lower once again at Wall Street on Wednesday, 07 August 2013. Stocks fell on Wednesday fell for a third day, as uncertainty over the timing of cuts in the Federal Reserve's monthly bond buys had equities retreating from recent highs. The benchmark index fell to its lows during the first hour of action before spending the remainder of the session in a slow climb.
The Dow Jones Industrial Average fell 48.07 points, or 0.3%, to 15,470.67. The S&P 500 index declined 6.46 points, or 0.4%, to 1,690.91. The Nasdaq Composite shed 11.76 points, or 0.3%, to 3,654.
Stocks sold off at the open after Asian indices endured a downbeat session with Japan's Nikkei falling 4.0% as dollar/yen continued its recent weakness. The pair fell below 97.00 into the Asian close and additional selling during the U.S. session pressured it into the 96.50 area.
The markets early on saw some residual selling pressure after some more Fed speak on Monday, in which two Federal Reserve officials made comments that the market place perceived as slightly favoring the hawkish side of U.S. monetary policy. The market place remains preoccupied with the timing of just when the U.S. central bank will begin to taper its monthly bond-buying program, also known as quantitative easing.
It remains a quieter, summertime trading atmosphere in many markets. Such could continue to be the case until after the U.S. Labor Day holiday in early September.
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The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.5% on Wednesday.
Among economic data expected at Wall Street today, the weekly MBA Mortgage Index ticked up 0.2% to follow seven consecutive contractionary readings, including last week's decline of 3.7%.
Separately, June consumer credit increased by $13.8 billion, which follows the prior month's increase of $17.5 billion, and is higher than the $16.0 billion that had been expected.
Bank of America was among the blue-chip decliners, off 0.8%, a day after the Justice Department filed suit against the bank for allegedly misleading investors about loans linked to mortgage-backed securities. Also weighing on the Dow, Walt Disney Co. declined 1.7% after the entertainment company reported fiscal third-quarter profit little changed from the year-ago period.
Bullion metal prices ended mixed on Wednesday, 07 2013 at Comex. Gold prices rose for first time in seven sessions while silver ended marginally lower. Gold for December delivery ended higher by $2.8 (0.2%) at $1,285.3 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday. September silver ended lower by $0.01 (1%) at $19.51 an ounce on Wednesday.
Crude-oil prices ended lower on Wednesday, 07 August 2013 at Nymex. U.S. crude-oil futures retreated on Wednesday after EIA reported a smaller-than-anticipated drawdown in weekly crude stocks. Light and sweet crude for September ended lower by $0.93 (0.9%) at $104.37 a barrel on the New York Mercantile Exchange on Wednesday.
For every share gaining, two fell on the New York Stock Exchange, where 629 million shares traded. Composite volume surpassed 3 billion.
Indian ADRs ended lower on Wednesday. In the IT space, Infosys was down 1.2% and Wipro was down 0.3%. In the Banking space, HDFC Bank was down 1.9% and ICICI Bank was down 0.9%. In other space, Tata Motors was down 3%, and Sterlite was up 2.9%.
Tomorrow, the weekly initial claims data is the only economic report expected along with plenty of earning reports.
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