US Market rebounds on bargain hunting, soften treasury yields

The US share market finished session higher on Wednesday, 13 April 2022, as investors chased for bargain hunting following the downturn seen over the course of the trading day on Tuesday along with continued decrease by treasury yields, with the ten-year yield pulling back further off the three-year closing high set on Monday.

At the close of trade, the Dow Jones Industrial Average index advanced 344.23 points, or 1.01%, to 34,564.59. The S&P500 index added 49.14 points, or 1.12%, to 4,446.59. The tech-heavy Nasdaq Composite Index grew 272.02 points, or 2.03%, to 13,643.59.

Advancing stocks outnumbered declining ones on the NYSE exchange by 2450 to 891 and 142 closed unchanged. In the NASDAQ, 3553 issues advanced, 1241 issues declined, and 259 issues unchanged.

Total 9 of 11 major S&P 500 sector indexes inclined, with top performing issues were consumer discretionary (up 2.51%), information technology (up 1.6%), materials (up 1.5%), and energy (up 1.4%).

JPMorgan Chase & Co set the first-quarter earnings season off to an inauspicious start, reporting a 42% drop in quarterly profit. The downbeat results from the biggest U.S. lender sent its shares down 3.2%.

On the brighter side, Delta Air Lines shares gained 6.2% after its results beat expectations and it forecast a current-quarter return to profit due to "historically high" demand.

ECONOMIC NEWS: The producer price index, which measures the prices paid by wholesalers, increased 11.2% from a year ago, the most in a data series going back to November 2010. On a monthly basis, the gauge climbed 1.4%. Stripping out food, energy and trade services, so-called core PPI rose 0.9% on a monthly basis. Core PPI increased 7% on a year-over-year basis. PPI is considered a forward-looking inflation measure as it tracks prices in the pipeline for goods and services that eventually reach consumers.

Among Indian ADR, Wipro declined 1.1% to $7.13, HDFC Bank sank 1% to $59.80, Tata Motors fell 1.17% to $27.98, Dr Reddy's Labs fell 0.72% to $56.21, and INFOSYS fell 6.11% to $21.19, while ICICI Bank rose 0.1% to $19.72, WNS Holdings added 1.15% to $86.30, and Azure Power Global added 3.2% to $15.30.

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