US Market falls for 4th day in row; await jobs data

The US stock market finished lower for fourth straight session on Thursday, 03 November 20222, as investors continued to digest the fourth straight 75-basis point interest rate hike by the US Fed, and the hawkish comments from Fed Chair Jerome Powell that signals more interest rate hikes in the coming months.

At the close of trade, the Dow Jones Industrial Average index declined 146.51 points, or 0.46%, to 32,001.25. The S&P500 index fell 39.80 points, or 1.06%, to 3,719.89. The tech-heavy Nasdaq Composite Index decreased 181.86 points, or1.73%, to 10,342.94.

Total 6 of 11 S&P500 sectors declined, with information technology (down 3%), issue was worst performer, followed by communication services (down 2.83%), while energy issue outperformed with gain of 2.04%.

The latest decline on the Wall Street came a day after remarks from Fed Chair Jerome Powell on Wednesday, following the announcement of another 75-basis-point rate hike, squashed hopes for a pivot in the near term.

Investors are now awating for the Labor Department's monthly payroll report coming out on Friday for any signs of cooling in the economy.

Among individual companies, chipmaker Qualcomm shares plunged 7.7% as it lowered its forecast for smartphone sales. The outlook weighed on smartphone giant Apple, which fell 4.2%.

COMMODITY NEWS: Crude oil prices settled sharply lower on Thursday amid concerns about the outlook for energy demand. The dollar's sharp uptick following hawkish comments from the Federal Reserve also weighed on crude oil prices. West Texas Intermediate Crude oil futures for December sank 2.1% to $88.08 per barrel.

Among Indian ADR, Dr Reddy's Labs added 1% to $55.86, Azure Power Global added 3.9% to $5.67, and HDFC Bank added 0.7% to $61.85, Tata Motors added 0.2% to $25.32, and ICICI Bank added 1% to $22.10. WNS Holdings fell 1.5% to $82.50, INFOSYS was down 1.2% at $18.19, and Wipro fell 1.1% to $4.58.

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