US Market ends lower on profit taking

15 Nov 2022 , 09:11 AM

The US stock market finished choppy trading session slightly in negative territory on Monday, 14 November 2022, as market participants opted to book profit recent profit amidst uncertainty about the near-term outlook for the markets and on caution ahead of slew of economic data and earnings from major retailers that likely to give investors hints about the economic outlook. At the close of trade, the Dow Jones Industrial Average index stumbled 211.16 points, or 0.63%, to 33,536.70. The S&P500 index fell 35.68 points, or 0.9%, to 3,957.25. The tech-heavy Nasdaq Composite Index decreased 127.11 points, or 1.12%, to 11,196.22. Total 10 of 11 sectors of S&P500 index declined, with real estate sector (down 2.65%) was worst performer, followed by consumer discretionary (down 1.7%), financials (down 1.5%), and utilities (down 1.3%) sectors. The pullback on Wall Street came as traders opted to secure profit after the upward move seen last Friday, sending the Dow to nearly three-month closing high, while the Nasdaq and the S&P 500 jumped to their best closing levels in almost two months. Also, weighing sentiments was caution ahead of retailers earnings as well as reports on producer prices, retail sales, import and export prices, industrial production, housing starts and existing home sales in the coming days that likely to give investors hints about the economic outlook. The third-quarter earnings season is set to continue, with a heavy emphasis on retail. Walmart, Home Depot, Target, Lowes, Macys and Kohls are all slated to post numbers this week. Shares of Biogen Inc and Eli Lilly rose after the Swiss pharmaceutical company Roche Holding said its drug to treat Alzheimers disease didnt meet the goals of its study. Both Biogen and Lilly are working on their own treatments. Oatly Group shares fell after the dairy alternative maker reported a wider than expected loss and revenue that fell short of expectations. Among Indian ADR, INFOSYS was down 1% at $19.55, Tata Motors added 2% to $27.10, HDFC Bank shed 0.2% to $68.33, Wipro fell 1.2% to $4.99, and Azure Power Global rose 1.3% to $6.09, ICICI Bank fell 1.2% to $22.45, WNS Holdings fell 1.4% to $82.54, and Dr Reddys Labs fell 4.3% to $54.45. Powered by Capital Market – Live News