US Market falls ahead of Fed meeting

15 Mar 2022 , 08:13 AM

The US stocks ended mostly lower on Monday, 14 March 2022, dragging the NASDAQ and the S&P500 indexes below neutral line, while the Dow recovered to end the day marginally higher.

The weak finish of the Nasdaq came amid a spike in treasury yields ahead to the Federal Reserves monetary policy announcement on Wednesday. With the Fed widely expected to raise interest rates by 25 basis points, market participants awaiting for the accompanying statement for clues about further policy tightening for the rest of the year.

Developments in the Ukraine-Russia conflict kept investors cautious as Russian and Ukrainian delegations held a fourth round of talks on Monday, but no new progress was announced.

At the close of trade, the Dow Jones Industrial Average index advanced marginal 1.05 points, or 0.00%, to 23945.24. The S&P500 index sank 31.20 points, or 0.74%, to 4,173.11. The tech-heavy Nasdaq Composite Index fell 262.59 points, or 2.04%, to 12,581.22.

Declining stocks outnumbered advancing ones on the NYSE exchange by 2484 to 877 and 99 closed unchanged. In the NASDAQ, 1172 issues advanced, 3466 issues declined, and 237 issues unchanged.

Total 7 of 11 major S&P 500 sector indexes fell, with bottom performing industry were energy (down 2.9%), information technology (down 1.9%), communication services (down 1.8%), and consumer discretionary (down 1.75%) issues, while top performing industry included financials (up 1.25%) and healthcare (up 0.68%).

Among individual shares, Apple Inc shares tumbled more than 2% after its supplier Hon Hai Precision Industry Co, known as Foxconn, suspended operations in Chinas Shenzhen amid rising COVID-19 cases.

Among Indian ADR, Wipro added 2% to $7.69, HDFC Bank added 4% to $59.16, ICICI Bank added 2.8% to $18.10, WNS Holdings added 0.06% to $82.64, INFOSYS rose 2.8% to $24.69, and Dr Reddys Labs added 0.06% to $50.89. Tata Motors fell 1.6% to $25.77 and Azure Power Global fell 2.6% to $18.19.

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