Indian ADRs end mostly lower
U.S. stocks ended with modest losses on Tuesday, with the Dow Industrials retreating from the previous session's record close. The market felt some pressure from Federal Reserve officials giving fresh warnings about a potential stimulus reduction, as well as from a decline in small-business sentiment.
The Dow Jones Industrial Average fell 32.43 points, or 0.2%, to end at 15,750.67. The S&P 500 slipped 4.20 points, or 0.2%, to close at 1,767.69. The Nasdaq Composite was essentially unchanged, edging up 0.13 point to 3,919.92.
The tech sector was one of just two advancers among cyclical groups as top components like Cisco Systems, Oracle and Qualcomm provided leadership. Energy and financial sectors weighed on indices.
Among major stocks under focus, Dish Network rose 6% after the satellite TV provider said it swung to a profit in the third quarter. But Rackspace Hosting tumbled 12% after the cloud-computing company posted third-quarter earnings that missed expectations late Monday.
U.S. economic data released Tuesday included the Chicago Fed national activity index and the employment trends index. Neither had a significant impact on the market place.
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Crude oil futures fell on Tuesday, 12 November 2013 at Nymex. Prices fell by more than 2%, with forecasts for increases in U.S. supplies and production, and the possibility of a pullback in the Federal Reserve's stimulus program helping to send prices to their lowest close since the end of May.
Crude futures for December delivery sank by $2.10, or 2.2%, to settle at $93.04 a barrel on the New York Mercantile Exchange.
The recently stronger U.S. dollar has also been a bearish weight on the commodity markets recently. The U.S. dollar index is hovering near a two-month high. Following last week's stronger U.S. jobs report, there are growing ideas the U.S. Federal Reserve will begin to back off on its easing of monetary policy in the not-too-distant future. Some in the market place now expect the Fed to begin tapering its monthly bond-buying program (quantitative easing) as early as December. The greenback is also supported by last week's surprise move by the European Central Bank to lower its main interest rate to a record-low 0.25%.
Market anticipates a 1.8-million-barrel rise in crude inventories for the week ended 8 November 2013 while gasoline stocks are forecast to fall by 1.2 million barrels.
Bullion prices declined on Tuesday, 12 November 2013 at Comex. Gold futures declined on Tuesday, settling at their lowest level in a month, as Federal Reserve officials suggested that the central bank may decide to taper its bond-buying program as early as December. Silver prices too dropped.
Gold for December delivery fell $9.90, or 0.8%, to settle at $1,271.20 an ounce on the Comex division of the New York Mercantile Exchange. December silver was also under pressure, dropping 50 cents, or 2.4%, to $20.78 an ounce, ending below $21 for the first time since early August.
Indian ADRs ended mostly lower on Tuesday. In the IT space, Infosys declined 0.9% at $52.75 and Wipro gained 0.54% at $11.19. In the banking space, ICICI Bank fell 2.52% at $32.92 and HDFC Bank shed 2.16% at $32.17. In the other sectors, Tata Motors slipped 2.8% at $28.46 and Dr Reddys Laboratories was up 0.1% at $39.15.
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while October export prices ex-agriculture and import prices ex-oil will be reported at 8:30 ET. The day's data will be topped off with the 14:00 ET release of the October Treasury budget.
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