US Market extends losses on geopolitical anxieties

The US stock market finished lower for third consecutive session on Monday, 14 February 2022, as risk sentiments remained bearish amid nervous over the pivot in monetary policy from the US Federal Reserve as well as heightened geopolitical tensions regarding the potential invasion of Ukraine by Russia.

At the close of trade, the Dow Jones Industrial Average index declined 171.89 points, or 0.49%, to 34,566.17. The S&P500 index was down 16.97 points, or 0.38%, to 4,401.67. The tech-heavy Nasdaq Composite Index dropped marginal 0.24 point, or 0.00%, to 13,790.92.

Declining stocks outnumbered advancing ones on the NYSE exchange by 2424 to 939 and 127 closed unchanged. In the NASDAQ, 1478 issues advanced, 3241 issues declined, and 241 issues unchanged.

Total 9 of 11 major S&P 500 sector indexes declined, with bottom performing issues were energy (down 2.24%), financials (down 1.11%), healthcare (down 1.09%), real estate (down 1.02%), and materials (down 0.87%).

The Wall Street extended losing streak for third straight session amid heightened geopolitical tensions regarding the tensions between Ukraine and Russia after reports that the US is closing its embassy in Ukraine's capital city of Kyiv, in a possible harbinger of imminent Russian invasion.

Traders also remained wary about the outlook for monetary policy following mixed remarks by Federal Reserve officials. The Federal Reserve needs to act to defend its 2% inflation target by adjusting rates sooner than expected, St. Louis Federal Reserve Bank President James Bullard told. San Francisco Fed President Mary Daly told CBS' "Face the Nation" she prefers a measured pace of rate hikes.

Among Indian ADR, Tata Motors sank 3.39% to $31.11, INFOSYS fell 0.36% to $22.19, Wipro fell 1.65% to $7.16, ICICI Bank dropped 5.08% to $19.62, and WNS Holdings shed 0.7% to $84.67. Dr Reddys Labs dropped 2.02% to $55.18, and HDFC Bank shed 0.95% to $65.94. Azure Power Global added 0.32% to $15.52.

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