US Stocks end mostly lower

The US stocks were mostly lower on Tuesday, 06 July 2021, dragging the S&P 500 and Dow Jones Industrial Average down, as investors opted to secure recent profit after the ISM Services Index for June fell more than expected from May's record high.

At the close of trade, the Dow Jones Industrial Average index was down 208.98 points, or 0.6%, to 34,577. The S&P 500 index fell 8.80 points, or 0.2%, at 4,344. The tech-heavy Nasdaq Composite Index was up 24.32 points, or 0.17%, to 14,664. U.S. markets were closed Monday for the Independence Day holiday.

Total 7 out of 11 S&P 500 sectors closed down, with energy (down 3.2%) was worst performer, followed by financials (down 1.6%), materials (down 1.4%), and industrials (down 0.9%), while real estate (up 0.9%) was top performer, followed by consumer discretionary (up 0.8%), and utilities (0.4%) issues.

Energy stocks suffered heavy losses on profit booking as crude oil prices declined after surging to six-year highs. West Texas Intermediate futures for August fell 1.8% in New York.

Shares of banks and financials were lower as a plunge in Treasury yields to the lowest since February. The benchmark 10-year yield fell as much as 7.4 basis points to just under 1.35%, the lowest level since Feb. 24. The 30-year bond's yield slid 5 basis points to 1.99%

Ride-hailing firm Didi Global Inc. plunged 20% after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing.

ECONOMIC NEWS: Institute for Supply Management data showed its services PMI slid to 60.1 in June from 64.0 in May, although a reading above 50 still indicates growth in the sector.

Among Indian ADR, Tata Motors fell 11.8% to $20.33, Wipro fell 1.16% to $7.67, and Dr Reddys Labs was down 1.25% to $74.35, INFOSYS added 0.19% to $21.11, ICICI Bank added 0.17% to $17.31, Vedanta added 1.2% to $14.32, HDFC Bank added 1.76% to $74.44, and WNS Holdings added 1.27% to $82.78.

Powered by Capital Market - Live News