US: Falls on profit taking

18 Aug 2022 , 08:33 AM

The US stock market finished volatile session firmly in negative territory on Wednesday, 17 August 2022, as investors opted to cashed in on the recent strength in the markets amid lingering concerns about the economy, inflation, and interest rates. Meanwhile, selloff also fuelled after minutes from the Federal Reserve latest monetary policy meeting reaffirmed the central banks plans to continue raising interest rates in an effort to return inflation to its 2% objective. At the close of trade, the Dow Jones Industrial Average index dropped 171.69 points, or 0.5%, to 33,980.32. The S&P500 index was down by 31.16 points, or 0.72%, to 4,274.04. The tech-heavy Nasdaq Composite Index decreased by 164.43 points, or 1.25%, to 12,938.12. Total 9 of 11 S&P sectors ended lower, with communication services sector was the worst performer, erasing 1.85%, followed by consumer discretionary (down 1.1%). Energy sector was the top gainer, up 0.8% Shares of Target closed lower after the company reported weaker than expected second quarter earnings, as it cut prices in an effort to reduce excess inventory. Lowes Cos. gained after the home-improvement retailer reported better than expected earnings even as renovators wrestle with a slumping US housing market. Cisco Systems Inc. gained in extended trading after the biggest maker of machines that run the internet and corporate computer networks, gave a bullish forecast for the quarter. Juniper Networks Inc. followed Cisco higher. Among Indian ADR, Dr Reddys Labs declined 3.1% to $52.19, Tata Motors fell 2% to $30.41, WNS Holdings declined 0.8% to $87.79, HDFC Bank fell 0.5% to $64.61, ICICI Bank fell 0.1% to $22.32, and INFOSYS was down 0.3% to $20.09. Azure Power Global added 1.2% to $11.38 and Wipro was up 0.4% to $5.50. Powered by Capital Market – Live News