At the close of trade, the Dow Jones Industrial Average index declined 211.17 points, or 0.58%, to 35,931.05. The S&P500 index lost 12.23 points, or 0.26%, to 4,688.67. The tech-heavy Nasdaq Composite Index dropped 52.28 points, or 0.33%, to 15,921.57.
Total volume turnover on U.S. exchanges stood at 9.31 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 2228 to 1118 and 161 closed unchanged. In the NASDAQ, 1476 issues advanced, 3193 issues declined, and 236 issues unchanged.
Total 7 of 11 S&P500 sectors ended down, with energy (down 1.74%) was bottom performing issue followed by financials (down 1.1%), materials (down 0.63%), and industrials (down 0.56%) issues, while real estate (up 0.65%) top performing sector, followed by consumer discretionary (up 0.59%) sector.
With the economy seemingly holding up well in the face of elevated inflation, traders remain concerned the Federal Reserve could accelerate its plans to tighten monetary policy.
The Fed policymakers remain divided on the inflation woes and the rate hike concerns, which in turn challenge market sentiment. Chicago Fed's Chief Executive Officer Charles L. Evans recently mentioned that It will take until the middle of next year to complete the Fed's wind-down of its bond-buying program, even as the central bank remains 'mindful' of inflation.
U.S Treasury secretary Janet Yellen said that U.S's three-decade inflation high was the result of the Covid-19, and it can be controlled only if the pandemic is controlled. Yellen said if U.S manages to control the pandemic soon, consumer prices could return to normal levels sometime in the second half of next year.
ECONOMIC NEWS: the Commerce Department released a report showing housing starts slid by 0.7% to an annual rate of 1.520 million in October after tumbling by 2.7% to a revised rate of 1.530 million in September.
Meanwhile, the Commerce Department said building permits surged up by 4% to an annual rate of 1.650 million in October after plummeting by 7.8% to a revised rate of 1.586 million in September.
Among Indian ADR, WNS Holdings fell 0.72% to $88.11, INFOSYS sank 1.21% to $23.74, Azure Power Global fell 3.34% to $22.58, and Dr Reddys Labs fell 0.7% to $63.66. Tata Motors was up 0.81% to $34.94, HDFC Bank added 0.06% to $70.43, and ICICI Bank added 0.34% to $20.38. Wipro unchanged at $9.09.
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