US Stocks fall after stronger payrolls data

The US stocks were declined on Friday, 02 December 2022, weighing the S&P 500 and the Nasdaq indexes below neutral line, while the Dow index managed to close session slightly higher.

The soft finish of the Wall Street came as stronger-than-expected jobs report for November put a damper on hopes the Federal Reserve would ease the pace of its interest rate hikes.

At the close of trade, the Dow Jones Industrial Average index was up 34.87 points, or 0.1%, to 34,429.88. The S&P500 index decreased 4.87 points, or 0.12%, to 4,071.70. The tech-heavy Nasdaq Composite Index declined 20.95 points, or 0.18%, to 11,461.50.

Total 6 of 11 sectors of the S&P500 index declined, with energy, information technology, utilities, financials, and realty issues being notable losers, while materials, industrials, and consumer staples issues were notable gainers.

Among individual stocks, Marvell Technology Group shares fell 5.8% after it disappointed on revenue and profit and issued a weaker than anticipated outlook as customers such as storage equipment makers, cut down on their inventory of chips.

ECONOMIC NEWS: The Labor Department's jobs report showed non-farm payroll employment jumped by 263,000 jobs in November after surging by an upwardly revised 284,000 jobs in October, with the unemployment rate held at 3.7 percent in November, unchanged from October

Among Indian ADR, HDFC Bank fell 1.9% to $68.20, Tata Motors sank 1% to $26.55, ICICI Bank slid 1 cent to $23.19, INFOSYS was down 1.6% at $20.19, WNS Holdings declined 0.1% to $84.37, and Wipro was down 0.8% to $5.11. Dr Reddy's Labs added 0.3% to $56.29 and Azure Power Global added 1.9% to $5.32.

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