US Stocks end mostly lower

The US stocks were mostly lower on Monday, 31 August 2020, with the Dow and S&P 500 finishing in the red as investors elected to book profit following stellar gains in month, worries about U.S.-China tensions and reports showing a surge in new coronavirus cases in several states across America. The NASDAQ maintained a positive bias throughout the session and posted another record closing high.

At closing bell, the Dow Jones Industrial Average index declined 223.82 points, or 0.78%, to 28,430.05. The S&P 500 index fell 7.70 points, or 0.22%, to 3,500.31. The tech-heavy Nasdaq Composite Index added 79.82 points, or 0.68%, to 11,775.46.

 

August has been a strong month for broad U.S. stock indexes. For the month, the Dow rose 7.6%, the S&P 500 Index surged 7%, and the Nasdaq Composite Index spurted 9.6%.

Nasdaq's top two contributors were Apple Inc, which rose 4%, and Tesla Inc which jumped 12%, after their preannounced stock splits took effect.

Alexion Pharma (ALXN) and NetApp (NTAP) surged up 6.8% and 3.7%, respectively. General Electric (GE) tumbled more than 4%, while Walt Disney (DIS), JP Morgan Chase (JPM), Boeing (BA) and Honeywell International (HON) ended lower by 2 to 2.7%.

Bank shares were mostly weak due to lower treasury yields as investors expect interest rates to remain near zero for a fairly long time.

Among Indian ADR, INFOSYS declined 1.64% to $12.60, Vedanta fell 1.13% to $7.01, HDFC Bank dropped 2.92% to $49.60, and Dr Reddys Labs shed 2.04% to $58.17. Azure Power Global fell 0.52% to $24.92, WNS Holdings shed 1.35% to $66.35, ICICI Bank was down 4.45% to $10.74, and Wipro dropped 0.23% to $4.30. Tata Motors shed 0.31% to $9.74.

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