US Market extends losses; Tech leads decline

The US stock market finished lower for fourth straight sessions on Monday, 10 October 2022, amid lingering worries about interest rate hikes after slightly stronger than expected job growth. Meanwhile, selloff fuelled further after comments from JPMorgan Chief Executive Officer Jamie Dimon suggesting the U.S. economy is likely to enter a recession in six to nine months.

At the close of trade, the Dow Jones Industrial Average index declined 93.91 points, or 0.32%, to 29,202.88. The S&P500 index fell 27.27 points, or 0.75%, to 3,612.39. The tech-heavy Nasdaq Composite Index decreased 110.30 points, or1.04%, to 10,542.10.

Technology stocks fell as a set of fresh restrictions by the Biden administration on China's access to American technology. Washington published a set of export controls that limit companies selling advanced computing semiconductors and manufacturing equipment to China. Shares of Qualcomm Inc. fell more than 5%. Nvidia ended lower by about 4%, and Advanced Micro Devices shed about 1%. Micron Technology Inc. shares drifted down 2.89%. Microsoft and Intel both shed more than 2%.

Among Indian ADR, Dr Reddy's Labs added 0.3% to $52.84, Wipro added 4.2% to $4.93, HDFC Bank added 0.3% to $57.60, and INFOSYS was up 2.9% at $17.56. Tata Motors shed 2.7% to $23.61 and ICICI Bank added 0.8% to $21.24. Azure Power Global fell 5.1% to $5.02 and WNS Holdings fell 1% to $81.52.

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