US Market extends loses on Thursday

7 Jan 2022 , 07:53 AM

The US stock market declined for second consecutive session after fluctuating back and forth across the unchanged line on Thursday, 06 January 2022, as risk sentiments remained subdued amid uncertainty about the near-term outlook following hawkish meeting minutes released by the Federal Reserve suggesting the central bank will more aggressive in tightening monetary policy. Meanwhile, rising cases of the Omicron coronavirus variant also weighed on the market.

At the close of trade, the Dow Jones Industrial Average index fell 170.64 points, or 0.47%, to 36,236.47. The S&P500 index dropped 4.53 points, or 0.1%, to 4,696.05. The tech-heavy Nasdaq Composite Index declined 19.31 points, or 0.13%, to 15,080.86.

Total shares volume turnover on U.S. exchanges stood at 9.38 billion shares, down from yesterdays 10.22 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 1873 to 1474 and 148 closed unchanged. In the NASDAQ, 2187 issues advanced, 2491 issues declined, and 259 issues unchanged.

Total 6 of 11 major S&P 500 sector indexes declined, with bottom performing issues were materials (down 1.24%), healthcare (down 1.21%), and utilities (down 1.06%), while top performing issues included energy (up 2.3%) and financials (up 1.55%).

ECONOMIC NEWS: The Institute of Supply Management (ISM) has released the December Services Purchasing Managers Index (PMI) on Thursday, showing the Services PMI? registered 62%, 7.1 percentage points below Novembers all-time high reading of 69.1%. The Business Activity Index registered 67.6%, a decrease of 7 percentage points compared to the reading of 74.6% in November, and the New Orders Index registered 61.5%, 8.2 percentage points lower than the all-time high reading of 69.7% reported in November.

COMMODITY NEWS: crude oil prices rose about 2% on Thursday, extending their new years rally, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. Brent crude futures rose 1.5% to settle at $81.99 a barrel, after hitting their highest since late November. U.S. West Texas Intermediate (WTI) crude gained 2.1% to $79.46.

Among Indian ADR, WNS Holdings added 1.36% to $87.09, Azure Power Global added 4.46% to $17.35, Tata Motors added 2.82% to $32.85, Wipro added 0.42% to $9.55, HDFC Bank added 1.28% to $68.10, and ICICI Bank added 1.3% to $21.15. INFOSYS fell 0.78% to $24.11 and Dr Reddys Labs fell 0.45% to $63.65.

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