US Stocks end lower ahead of Fed meeting outcome

2 Nov 2022 , 12:06 AM

The US stocks were mostly lower on Tuesday, 01 November 2022, with the Dow, the tech-heavy Nasdaq and the S&P 500 indexes settling in negative territory. At the close of trade, the Dow Jones Industrial Average index declined 79.75 points, or 0.24%, to 32,653.20. The S&P500 index fell 15.88 points, or 0.41%, to 3,856.10. The tech-heavy Nasdaq Composite Index decreased 97.30 points, or 0.89%, to 10,890.85. Total 6 of 11 S&P500 sectors declined, with communication service (down 1.8%) issue was top loser, followed by consumer discretionary (down 1.4%), while energy (up 1%) issue gained the most, followed by financials (up 0..4%). The weak finish of the Wall Street came as investors opted to stay side-line on caution ahead to the Federal Reserves monetary policy announcement, due on Wednesday, at which the central bank is expected to offer some clues about its path forward. The central banks Federal Open Market Committee is expected to implement its fourth consecutive 0.75 percentage point rate rise on Wednesday in an attempt to cool inflation that remains at the highest level in decades. Investors will also be watching closely for any indication that the Fed is prepared to slow its pace of raises in December. Sentiments was also dampened after an unexpectedly strong report on the job market raised concerns that the Federal Reserve will need to keep the pressure on inflation with aggressive interest rate increases. Meanwhile, the Institute for Supply Management said its index tracking factory activity fell to 50.2 in October, indicating a small expansion in manufacturing output. Among Indian ADR, Dr Reddys Labs added 2.6% to $55.74, INFOSYS was up 1% at $18.91, Tata Motors added 2.6% to $25.65, HDFC Bank added 1.4% to $63.16, and Wipro added 0.6% to $4.73. ICICI Bank steady at $22.04. WNS Holdings fell 1.3% to $84.96 and Azure Power Global fell 3.3% to $5.60. Powered by Capital Market – Live News