US Stocks end mixed

The US stock market finished with mixed note in relatively subdued trade on Tuesday, 27 December 2022, after returning from long holiday weekend, as bond yields climbed putting pressure on growth stocks like technology and consumer discretionary. Meanwhile, the combination of tax-loss selling, portfolio rebalancing and investors deciding where to position for 2023 may also be weighing on the indices.

At the close of trade, the Dow Jones Industrial Average index was up 37.63 points, or 0.11%, to 33,241.56. The S&P500 index was down by 15.57 points, or 0.4%, to 3,829.25. The tech-heavy Nasdaq Composite Index declined by 144.64 points, or 1.38%, to 10,353.23. Markets were closed Monday for the Christmas holiday.

 

Energy sector was top gainer in the S&P 500 index sectoral peers, up 1.1%, helped by advances in shares of Pioneer Natural Resources, Hess and Devon Energy.

Industrial stocks got a boost from gains in engine manufacturer Cummins and construction equipment maker Caterpillar.

Consumer discretionary sector was worst performer in the S&P 500 index, down 1.6%, as recession concerns weighed on next year's outlook. Shares of Tesla dragged on the sector, down more than 11% on reports that the electric vehicle maker will extend a week-long production halt at its Shanghai facility as Covid cases mount.

Information technology sector declined 1%, weighed down by Apple shares, down 1.5%, as growth suffered in a rising rate environment. Apple's stock has tumbled nearly 27% this year. The company also grappled with supply disruptions fueled by factory shutdowns at its largest supplier in China.

Among Indian ADR, Wipro added 1.1% to $4.58, INFOSYS was up 0.6% at $18.03, WNS Holdings added 1.2% to $80.21, HDFC Bank gained 1.4% to $67.76, ICICI Bank gained 1.5% to $21.89, and Tata Motors rose 4.1% at $23.26. Dr Reddy's labs sank 2.7% to $51.18 and Azure Power Global dropped 12.7% to $4.07.

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