US Stocks end mostly lower

The US equity market finished session lower on Thursday, 04 June 2020, as investors hit the pause button on caution ahead of Friday's much-anticipated jobs report from the Labor Department. At closing bell, the Dow Jones Industrial Average was up marginal 11.93 points, or 0.04%, to 26,281.82. The S&P 500 - a gauge of US retirement and education savings accounts, fell 10.52 points, or 0.33%, to 3,112.35. The tech-heavy Nasdaq Composite Index dropped 67.10 points, or 0.69%, to 9,615.81.

Of the 11 major sectors in the S&P 500, all but financials, industrials and materials were in the red in a continuation of a rotation in cyclicals.

The choppy trading on Wall Street came as traders took a breath to digest the recent strength on Wall Street. Traders also seemed reluctant to make more significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

The Labor Department released a report on Thursday showed initial jobless claims tumbled to 1.877 million in the week ended May 30th, a decrease of 249,000 from the previous week's revised level of 2.126 million. Further, report also showed continuing claims - which reflect the aggregate number of Americans receiving unemployment benefits- jumped by 649,000 from the previous week to 21.487 million.

ECONOMIC NEWS: US Trade Deficit Widens To $49.4 Billion In April- US trade deficit widened by slightly more than anticipated in the month of April, a report released by the Commerce Department on Thursday showed the U.S. Trade deficit widened to $49.4 billion in April from a revised $42.3 billion in March. The wider than expected trade deficit came as a nosedive in the value of exports outpaced a slump in the value of imports. The value of exports plunged by 20.5 percent to $151.3 billion, reflecting substantial decreases in exports of capital goods, industrial supplies and materials and automotive vehicles, parts and engines. Meanwhile, the report said the value of imports tumbled by 13.7 percent to $200.7 billion amid steep drops in imports automotive vehicles, parts and engines, capital goods and consumer goods.

Among Indian ADR, ICICI Bank fell 4.81% to $9.31, HDFC Bank 1.54% to $45.38, Tata Motors 1.91% to $6.68, WNS Holdings 1.46% to $53.45, and Wipro 1.49% to $3.31, while Vedanta rose by 3.93% to $5.55 and Dr Reddys Labs 1.34% to $52.97. INFOSYS was flat at $9.27.

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