US Wall Street surges on bargain hunting

The US stock market finished volatile session slightly lower on Wednesday, 05 October 2022, snapping two days winning streak, as investors opted to secure recent profit, amid lingering concerns about the outlook for future interest-rate increases by the Federal Reserve and the effect of rising rates can have on markets.

Central banks around the world appear poised to continue raising interest in the months ahead, potentially tipping the global economy into a recession as they seek to combat elevated inflation.

A rebound by treasury yields also weighed on the markets, with the yield on the benchmark ten-year note regaining ground after moving notably lower over the two previous sessions.

At the close of trade, the Dow Jones Industrial Average index was down by 42.45 points, or 0.14%, to 30,273.87. The S&P500 index decreased by 7.65 points, or 0.2%, to 3,783.28. The tech-heavy Nasdaq Composite Index declined by 27.77 points, or 0.25%, to 11,148.64.

Total 8 of 11 S&P 500s sector indexes finished lower, with real estate, financials, and materials issues falling over 1%, while energy issue gained 2.1% after OPEC+ said it would cut production.

ECONOMIC NEWS: Payroll processor ADP released a report showing private sector employment in the U.S. increased by 208,000 jobs in September after climbing by an upwardly revised 185,000 jobs in August.

Meanwhile, the Institute for Supply Management released a report showing its services PMI edged down to 56.7 in September from 56.9 in August, although a reading above 50 still indicates growth in the sector.

Among Indian ADR, ICICI Bank fell 0.2% to $21.65, Tata Motors fell 0.8% to 25.25, Dr Reddy's Labs fell 0.04% to $54.04, INFOSYS was down 0.3% to $17.64, and Wipro fell by 0.6% to $4.93. Azure Power Global declined 2.1% to $5.70. HDFC Bank fell 0.9% to $59.90 and WNS Holdings shed 0.3% to $84.43.

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