US Market falls on fear of aggressive interest rate hikes

16 Sep 2022 , 08:59 AM

The US stock market finished volatile session in red territory on Thursday, 15 September 2022, amid persistent concerns over an increased pace of interest rate hiking cycle following unexpectedly strong U.S. inflation data and slew of U.S. economic data released this morning. At the close of trade, the Dow Jones Industrial Average index declined by 173.27 points, or 0.56%, to 30,961.82. The S&P500 index was down 44.66 points, or 1.13%, to 3,901.35. The tech-heavy Nasdaq Composite Index fell 167.32 points, or 1.43%, to 11,552.36. Total 9 of11 major sectors of the S&P 500 declined, with energy, information technology, realty, and utilities issues all falling more than 2%. ECONOMIC NEWS: The Commerce Department report showed retail sales rose by 0.3% in August following a revised 0.4% decrease in July. The Labor Department latest report showed that import prices slid by 1% in August after tumbling by a revised 1.5% in July. The report also showed export prices dove by 1.6% in August after plummeting by a revised 3.7% in July. A separate report released by the Labor Department showed initial jobless claims slipped to 213,000, a decrease of 5,000 from the previous weeks revised level of 218,000. Federal Reserve also released a report showing industrial production edged down by 0.2% in August after climbing by a downwardly revised 0.5% in July. Among Indian ADR, ICICI Bank fell 0.9% to $23.17, Azure Power Global dropped 7.2% to $5.42, HDFC Bank fell 1.3% to $66.95, Tata Motors sank 1.7% to $27.61 and Dr Reddys Labs fell 2.3% to $51.71. WNS Holdings sank 2.7% to $83.35, Wipro shed 0.8% to $5.07, and INFOSYS was down 1.6% at $17.79. Powered by Capital Market – Live News