US Market extends losses on concerns about Russia invasion of Ukraine

24 Feb 2022 , 07:31 AM

The US stock market finished lower for fourth consecutive session on Wednesday, 23 February 2022, as investors continued offloading risk assets amid concerns about a potential Russia invasion of Ukraine coupled with the international sanctions imposed in response could derail the global economy.

At the close of trade, the Dow Jones Industrial Average index stumbled 464.85 points, or 1.38%, to 33,131.76. The S&P500 index was down 79.26 points, or 1.84%, to 4,225.50. The tech-heavy Nasdaq Composite Index shed 344.03 points, or 2.57%, to 13,037.49.

The Nasdaq has tumbled more than 15% so far this year, while the S&P 500 confirmed a correction in the previous session when the index ended down more than 10% from its Jan. 3 closing record high.

Declining stocks outnumbered advancing ones on the NYSE exchange by 2479 to 878 and 152 closed unchanged. In the NASDAQ, 1133 issues advanced, 3562 issues declined, and 270 issues unchanged.

Total 10 of 11 major S&P 500 sector indexes declined, with bottom performing issues were consumer discretionary (down 3.4%), information technology (down 2.56%), industrials (down 1.88%), communication services (down 1.73%), utilities (down 1.72%), and materials (down 1.3%).

Market risk sentiments remain downbeat in response to uncertainty about the situation in Ukraine. Investors mulled the implications of reports that Ukraines government, foreign ministry and state security service were affected by a cyber attack. Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee.

Earlier, the West unveiled more sanctions against Russia over its move into eastern Ukraine, and in what some market- watchers saw as another sign of a possible Russian military onslaught, Moscow began evacuating its Kyiv embassy.

Among individual shares, Shares in Lowes rose 0.3% after the home improvement chain raised its full-year sales and profit forecasts.

Among Indian ADR, INFOSYS fell 1.43% to $22.72, Wipro fell 1.73% to $7.37, HDFC Bank fell 1.86% to $66.02, ICICI Bank fell 1.85% to $19.63, Tata Motors fell 1.65% to $31.03, WNS Holdings sank 0.86% to $83.90, Dr Reddys Labs fell 1% to $55.49, and Azure Power Global dropped 1.5% to $13.79.

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