US Market ends little change

The US stock market finished choppy trading session marginally lower on Monday, 15 November 2021, amid uncertainty about the near-term outlook for the markets after elevated pace of inflation renewed worries that the Federal Reserve might be forced to accelerate its plans to begin tightening monetary policy.

At the close of trade, the Dow Jones Industrial Average index declined 12.86 points, or 0.04%, to 36,087.45. The S&P500 index fell marginal 0.05 point, or 0.00%, to 4,682.80. The tech-heavy Nasdaq Composite Index shed 7.11 points, or 0.04%, to 15,853.85.

Total volume turnover on U.S. exchanges stood at 8.88 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 1818 to 1530 and 150 closed unchanged. In the NASDAQ, 2584 issues advanced, 2064 issues declined, and 221 issues unchanged.

Total 7 of 11 S&P500 sectors ended up, with utilities (up 1.31%) was top performing sector, followed by energy (up 0.83%), and consumer staples (up 0.48%), while healthcare (down 0.64%) was bottom performing issue followed by healthcare (down 0.64%) and materials (down 0.46%) issues.

Technology stocks declined as rising Treasury yields dented the appetite for high-growth areas such as tech, as they discount future earnings from the sector.

Materials stocks declined on signs of weakness in China's property sector, a key driver of global metal demand.

Bank stocks, which benefit from climbing yields, advanced with bond yields on the rise. The yield on the benchmark 10-year US Treasury note touched its highest level since Oct. 27 on Monday.

ECONOMIC NEWS: New York Manufacturing Index Jumps In November- New York manufacturing activity index jumped to 30.9 in November from 19.8 in October, with a positive reading indicating growth, according to a report released by the Federal Reserve Bank of New York on Monday. The much bigger than expected increase by the headline index came as the shipments index spiked to 28.2 in November from 8.9 in October. The new orders index also surged up to 28.8 in November from 24.3 in October, while the number of employees index jumped to a record high 26.0 from 17.1. The report also showed the prices paid index rose to 83.0 in November from 78.7 in October and the prices received index climbed to a record high 50.8 from 43.5.

Among Indian ADR, WNS Holdings fell 0.27% to $88.40, INFOSYS fell 0.3% to $23.63, Wipro fell 1.1% to $9.05, Azure Power Global fell 3.84% to $23.54, HDFC Bank fell 1.07% to $70.98 and ICICI Bank fell 0.68% to $20.52. Dr Reddys Labs rose 0.49% to $65.38. Tata Motors was steady at $33.57.

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