US Stocks gain with big-tech, banks

9 Feb 2022 , 08:17 AM

The US stock market recouped early losses to finish session notably higher on Tuesday, 08 February 2022, on the back of strength in materials, consumer discretionary, financials, and information technology stocks, while losses in energy and realty stocks capped upside.

At the close of trade, the Dow Jones Industrial Average index rose 371.65 points, or 1.06%, to 35,462.78. The S&P500 index was up 37.67 points, or 0.84%, to 4,521.54. The tech-heavy Nasdaq Composite Index advanced 178.79 points, or 1.28%, to 14,194.45.

Advancing stocks outnumbered declining ones on the NYSE exchange by 2025 to 1312 and 149 closed unchanged. In the NASDAQ, 2957 issues advanced, 1725 issues declined, and 252 issues unchanged.

Total 8 of 11 major S&P 500 sector indexes advanced, with top performing issues were materials (up 1.57%), consumer discretionary (up 1.5%), financials (up 1.38%), and information technology (up 1.28%), while bottom performing issues included energy (down 2.1%) and real estate (down 0.8%).

Shares of banks and financials gained as jump in U.S. Treasury yields amid growing expectations that the U.S. Federal Reserve will start tightening monetary policy. Shares of Bank of America Corp, JPMorgan Chase & Co and Wells Fargo gained between 1% and 3% each.

Shares in tech companies advanced, with heavyweight growth stocks Apple, Microsoft and Amazon.com Inc each up more than 1%.

Energy stocks declined as global crude oil prices eased by around 2% on Tuesday, amid concerns that the resumption of indirect talks between the United States and Iran could revive an international nuclear agreement and allow more oil exports from the OPEC producer.

Among individual stocks, Pfizer Inc was down after the drugmakers full-year sales forecast for its COVID-19 vaccine and antiviral pills fell short of estimates.

Amgen Inc shares surged after announcing a buyback of up to $6 billion and forecasting earnings to more than double by 2030.

Facebook-owner Meta Platforms fell after billionaire investor Peter Thiel decided to step down from the companys board, driving a fourth day of losses in the stock after its bleak forecast.

Among Indian ADR, Tata Motors added 0.58% to $32.99, INFOSYS added 1.87% to $22.89, Wipro added 1.34% to $7.54, ICICI Bank added 1.04% to $21.40, Azure Power Global rose 3.82% to $14.39, and WNS Holdings added 1.73% to $87.54. Dr Reddys Labs sank 0.45% to $57.26 and HDFC Bank declined 0.01% to $67.37.

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