US Market extends losses to fourth day

24 Jan 2022 , 08:07 AM

The US stock market finished lower for the fourth straight session on Friday, 21 January 2022, on continuing fears over the outlook for interest rates and weak earnings report from Netflix. At the close of trade, the Dow Jones Industrial Average index stumbled 450.02 points, or 1.3%, to 34,265.37. The S&P500 index dropped 84.79 points, or 1.89%, to 4,397.94. The tech-heavy Nasdaq Composite Index fell 385.10 points, or 2.72%, to 13,768.92.

Total shares volume turnover on U.S. exchanges stood at 11.73 billion shares, up from yesterdays 10.07 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 681 to 2759 and 123 closed unchanged. In the NASDAQ, 901 issues advanced, 4009 issues declined, and 202 issues unchanged.

Total 10 of 11 major S&P 500 sector indexes declined, with bottom performing issues were communication services (down 3.88%), consumer discretionary (down 3.1%), materials (down 2.49%), financials (down 2.02%), information technology (down 1.9%), and energy (down 1.9%), while top performing issues included consumer staples (up 0.02%).

Shares of the streaming giant Netflixs tumbled 22% on Friday after the companys fourth-quarter earnings report showed a slowdown in subscriber growth. Other tech names like Amazon and Meta Platforms fell 6% and 4.2%, respectively.

Among Indian ADR, WNS Holdings dropped 0.35% to $85.61, INFOSYS sank 1.14% to $23.41, Wipro fell 2.68% to $7.86, Dr Reddys Labs sank 2.83% to $59.70, and HDFC Bank declined 0.93% to $68.93. Tata Motors fell 4.14% to $32.62, Azure Power Global fell 8.75% to $14.19, and ICICI Bank declined 2.23% to $21.03.

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