US Stocks fall in volatile trade

The US stock market finished volatile session lower on Friday, 04 September 2020, registering second day of straight fall, as selloff fuelled amid reports that the Japanese conglomerate SoftBank was responsible for buying market-moving chunks of mega-cap tech stocks over the past several months. However, market losses capped after the August jobs report showed strong job additions and a better-than-expected unemployment rate.

At closing bell, the Dow Jones Industrial Average index dropped 159.42 points, or 0.56%, to 28,133.31. The S&P 500 index shed 28.10 points, or 0.81%, to 3,426.96. The tech-heavy Nasdaq Composite Index dropped 144.97 points, or 1.27%, to 11,313.13.

ECONOMIC NEWS: The Labor Department released a report showing non-farm payroll employment surged up by 1.371 million jobs in August after spiking by a downwardly revised 1.734 million jobs in July and soaring by 4.781 million jobs in June. The strong job growth in August was partly due to the hiring of 238,000 temporary 2020 Census workers, which contributed to a significant increase in government employment. The continued job growth contributed to a much bigger than expected drop in the unemployment rate, which fell to 8.4% in August from 10.2% in July.

Among Indian ADR, INFOSYS declined 0.24% to $12.44, HDFC Bank dropped 1.55% to $50.10, Dr Reddys Labs shed 1.31% to $58.80, and ICICI Bank was down 0.86% to $10.32, Azure Power Global added 6.16% to $25.00, WNS Holdings rose 0.34% to $65.41, Wipro rose 0.23% to $4.31, Vedanta added 0.15% to $6.87, and Tata Motors rose 1.2% to $10.10.

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