US Stocks end mixed in light trading

The US stocks market finished languid session with mixed note on Monday, 07 June 2021, as investors sentiments were subdued on news of a global minimum corporate tax rate, lingering inflation fears, and a lack of market-moving economic news.

At the close of trade, the Dow Jones Industrial Average index fell 126.15 points, or 0.36%, to 34,630. The S&P 500 index dropped 3.37 points, or 0.08%, at 4,227. The tech-heavy Nasdaq Composite Index added 67.23 points, or 0.49%, to 13,882.

Total 7 out of 11 S&P 500 sectors closed down, with materials (down 1.23%) was worst performer, followed by industrials (down 0.69%), financials (down 0.63%), energy (down 0.38%), and consumer staples (down 0.2%) sectors. Realty (up 0.91%) sector was top gainer, followed by and communication services (up 0.48%), healthcare (up 0.33%), and utilities (up 0.2%) sectors.

Investors sentiments remain subdued despite optimism about the global economic recovery and vaccine rollouts, due to due to concerns that the rebound will cause price ises and in turn force the US Federal Reserve and other central banks to hike borrowing costs or taper their stimulus measures.

Investors weighed also moves over the weekend by the G7 group of wealthy nations towards an eventual global minimum corporate tax rate aimed firmly at tech giants seen as not paying enough. The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15%, a move Treasury Secretary Janet Yellen called a "significant, unprecedented commitment" to bring what she called a race to the bottom on global taxation.

Lawmakers in Washington are doubling down on efforts to craft a bipartisan infrastructure spending package, with House Democrats expected to bring a bill to vote as early as Wednesday.

Shares of Biogen Inc surged 38.3% following news that the Food and Drug Administration approved its Alzheimer's disease drug aducanumab.

Data center operator QTS Realty Trust jumped 21.2% on reports of a takeover deal by investment firm Blackstone Group worth $6.7 billion.

U.S. benchmark crude oil fell 39 cents to $69.62 per barrel in electronic trading on the New York Mercantile Exchange. It lost 39 cents to $69.62 per barrel on Monday. Brent declined 57 cents to $70.92 per barrel.

Among Indian ADR, Tata Motors rose 0.85% to $23.80, Wipro added 1.24% to $8.19, INFOSYS added 0.57% to $19.40, and HDFC Bank added 0.1% to $76.92. Vedanta fell 2.57% to $15.17, ICICI Bank fell 0.06% to $17.92, and Dr Reddys Labs was down 0.66% to $71.79. WNS Holdings was flat at $76.07.

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