US markets close lower on weak economic data

Dow Jones Industrial Average was down 0.47% or 61.98 points at 13206.59. Nasdaq Composite slipped 1.16% or 35.55 points at 3024.3. Standard & Poor's 500 shed 0.77% or 10.74 points at 1391.57.

On economic data front, the index of non-manufacturing activity dropped to 53.5 last month from 56 in March. The report even overshadowed news that jobless claims fell more than expected, dropping 27,000 to a seasonally adjusted 365,000, the biggest weekly decline in almost a year.

In important data to watch out for in US today, investors will be closely watching the monthly jobs report for April. Consensus estimates indicate that non-farm payrolls will rise to 165,000, however the unemployment rate is expected to remain unchanged at 8.2%.

In the currency space, euro continues to trade weak versus the dollar, meanwhile the dollar index holding firm above the 79 mark.

In commodities, Brent crude tumbles to USD 115 levels as more signs of slowing US economic growth and swelling US inventories sparks a wave of selling. Brent crude slipped 1.8% yesterday, racking up a 3% loss in two straight days, its biggest two-day percentage loss since February 28.

From the precious metals space, gold too fell nearly a percent yesterday following weakness in global economy. Currently it is trading around USD1636 dollar levels.