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US shares lower as traders price zero likelihood of interest rate hike

Tuesday, 5 Apr 2016 08:00:12 | Thuy Ong

Traders are pricing in a zero possibility of an interest rate hike at the end of April. (File photo: AFP)

Wall Street has closed weaker, pulling back from recent highs as consumer and industrial shares offset gains in healthcare companies.

Traders are pricing in a zero possibility of an interest rate hike at the end of April, after Federal Reserve Chair Janet Yellen last week said the pace of future rate increases would be gradual.

The Dow Jones slipped 0.3 per cent to 17,737, the Nasdaq dipped 0.5 per cent to 4,892 and the S&P 500 fell 0.3 per cent to 2,066.

Overnight, European shares bounced back from one month lows, led higher by defensive stocks.

In London, the FTSE 100 added 0.3 per cent to 6,164, the German DAX also gained 0.3 per cent to 9,822, while in Paris, the CAC 40 rose 0.5 per cent to 4,345.

The Reserve Bank of Australia will hold its policy meeting today, where it is widely expected to keep rates at a record low of 2 per cent.

Australian shares are set for a muted open.

At 7:30am, the ASX SPI 200 was inching up 2 points to 4,982.

At the same time, the Australian dollar was flat at 76 US cents after falling overnight on the back of a plunge in oil prices.

It was also losing ground against most major currencies, buying 84.6 Japanese yen, 66.7 euro cents, 53.3 British pence and $NZ1.112.

Spot gold was slightly higher, buying $US1,216 an ounce while West Texas crude slumped 3 per cent to $US35.70 a barrel.

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