Indian ADRs end in a mixed mode
U.S. stocks made a mild rebound on Friday, 13 December 2013 but ended the week lower, as investors looked toward a Federal Reserve meeting next week that could start the curtailment of the Fed's equities-boosting stimulus program. In the absence of significant news, markets are focused on the FOMC meeting next week during which the Fed will decide whether or not it will start winding down the $85 billion a month stimulus program.
The Dow Jones Industrial Average added 15.93 points, or 0.1% to 15,755.36 but was 1.7% lower over the week. The S&P 500 closed down 0.18 point at 1,775.32, and finished the week with a 1.7% loss. The Nasdaq Composite finished 2.57 points higher at 4,000.98 and was 1.5% lower over the week.
Equities registered opening gains, but the early strength faded during the first 30 minutes of action, sending the major averages to their lows. The key indices spent the rest of the morning near their flat lines before staging a modest afternoon rally. However, selling pressure returned during the late afternoon, sending the S&P 500 back to unchanged for the day.
Gains on the S&P 500 were lead by materials and technology sectors on Friday, while energy and telecoms led the losses. Healthcare and telecoms sectors led the weekly losses.
Among major stocks under focus, shares in Adobe Systems closed up 13% after the company reported quarterly results after the close on Thursday. Electronic Arts rallied 6%. Twitter shares rose 6.6% after it reversed earlier changes to the way the 'block' function works, following outcry from users.
Friday's economic data was limited to the November PPI report, which pointed to a downtick of 0.1% while core producer prices rose 0.1%. Both readings matched expectations.
The biggest event for financial and commodity markets next week is the Federal Open Market Committee meeting on Tuesday and Wednesday, and until the Federal Reserve makes an announcement on monetary policy, commodity traders will likely spend the early part of the week preparing for the outcome.
Bullion prices ended higher on Friday, 13 December 2013. Gold futures settled higher on Friday after a hefty loss in the prior session, tallying a 0.5% gain on the week, as traders readied for next week's Federal Reserve meeting and possible news on the fate of the central bank's bond-buying program.
Gold for February delivery tacked on $9.70, or 0.8%, to settle at $1,234.60 an ounce on the Comex division of the New York Mercantile Exchange. Futures prices were up 0.5% from last Friday's close of $1,229. Gold prices in the previous session tumbled more than $30 an ounce, their biggest one-day drop since October, amid growing concerns that the Fed could taper its monetary stimulus next week. March silver also added 15 cents, or 0.8%, to $19.60 an ounce after a drop of 4.4% on Thursday. Prices were up 0.4% from the week-ago close.
Crude oil futures settled below $97 a barrel on Friday, 13 December 2013 for a loss of 1.1% for the week as traders fretted over the possibility that the Federal Reserve will announced a pullback in its stimulus program and the potential for an increase in Libyan oil production. Crude oil for January fell 90 cents, or 0.9%, to settle at $96.60 a barrel on the New York Mercantile Exchange.
Indian ADRs closed mixed on Friday. Among banks, ICICI Bank slipped 1.73% to $35.83 per ADR and HDFC Bank was down 1.98% to $34.10. In the technology space, Wipro climbed 0.43% to $11.70 and Infosys closed at $54.37, up 0.91% over previous day. Among others, Tata Motor jumped 2.2% to $30.15 while Dr Reddy's Labs declined 0.9% to $38.50.
On Monday, the December Empire Manufacturing survey as well as the third quarter productivity and unit labor costs will all be reported at 8:30 ET. The October net long-term TIC flows report will be released at 9:00 ET while November industrial production and capacity utilization will be released at 9:15 ET.
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