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US Market Ends Lower; Tech Leads Selloff

US Market Ends Lower; Tech Leads Selloff

The US stocks moved mostly lower on Thursday, 16 December 2021, with the S&P 500, Dow, and Nasdaq all finishing in negative territory, with losses in shares of technology and consumer discretionary sectors overshadowed gains in financials, energy, and materials.

Investors continued to digest the Federal Reserve’s highly anticipated monetary policy announcement on Wednesday to end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation.

At the close of trade, the Dow Jones Industrial Average index declined 29.79 points, or 0.08, to 35,897.64. The S&P500 index dropped 41.18 points, or 0.87%, to 4,668.67. The tech-heavy Nasdaq Composite Index retreated 385.15 points, or 2.27%, to 15,180.43.

Total shares volume turnover on U. S. exchanges stood at 10.09 billion shares, down from yesterday’s 10.61 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 1813 to 1554 and 137 closed unchanged. In the NASDAQ, 3079 issues advanced, 1599 issues declined, and 233 issues unchanged.

Total 8 of 11 major S&P 500 sector indexes inclined, with top performing issues were financials (up 1.21%), materials (up 1.04%), healthcare (up 0.58%), and utilities (up 0.49%), while bottom performing issues included information technology (down 2.86%) and consumer discretionary (down 2.23%).

ECONOMIC NEWS: The Labor Department said initial jobless claims rose to 206,000 in the week ended December 11th, an increase of 18,000 from the previous week’s revised level of 188,000.

Among Indian ADR, Wipro added 1.61% to $8.81, HDFC Bank rose 1.48% to $65.13, WNS Holdings added 0.01% to $85.53, INFOSYS added 3.65% to $24.11, and Dr Reddys Labs added 2.27% to $61.83. ICICI Bank fell 1.13% to $19.19, Tata Motors fell 1.62% to $31.63, and Azure Power Global fell 6% to $18.17.