US Market falls for third day

The US stock market finished lower for third straight session on Tuesday, 12 October 2021, as risk aversion selloff continued amidst uncertainty about the outlook for the markets due to global energy crunch fuelled inflation fears and concerns about the Federal Reserve scaling back stimulus as early as next month.

Market participants were mostly opted a wait-and-see mode ahead of minutes from the September FOMC meeting and consumer price index for September due on Wednesday, and kick-off to third-quarter earnings season.

At the close of trade, the Dow Jones Industrial Average index declined 117.72 points, or 0.32%, to 34,378.34. The S&P500 index fell 10.54 points, or 0.24%, to 4,350.65. The tech-heavy Nasdaq Composite Index dropped 20.28 points, or 0.14%, to 14,465.92.

Total volume turnover on U.S. exchanges stood at 7.89 billion shares, up from yesterday's 7.02 billion shares. In the NYSE exchange, 1989 issues advanced, 1302 issues declined, and 148 issues closed unchanged. In the NASDAQ, 2605 issues advanced, 1843 issues declined, and 213 issues unchanged.

Total 6 of 11 sectors ended down along with the S&P500 index, with communication services (down 1.05%), was worst performing sector, followed by information technology (down 0.51%), healthcare (down 0.47%), and industrials (down 0.33%), while real estate (up 1.34%) was top gaining sector, followed by consumer discretionary (up 0.68%) and utilities (up 0.67%).

JPMorgan Chase and Delta Air Lines are scheduled to kick off the third-quarter earnings season Wednesday. Bank of America, Walgreens Boots Alliance, Wells Fargo, Morgan Stanley, Citigroup and Goldman Sachs are also due to report their quarterly results in the coming days.

Among Indian ADR, Wipro added 1.02% to $8.92, Dr Reddys Labs added 0.2% to $64.56, ICICI Bank added 0.6% to $18.88, Vedanta added 4.7% to $16.78, and Tata Motors grew 12.9% to $31.68. INFOSYS added 0.3% to $21.88, HDFC Bank rose 1.47% to $73.67, and WNS Holdings rose 0.7% to $80.87.

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