US Stocks end slight higher

The US stock market finished session modesty higher on Monday, 15 August 2022, after recovering earlier losses, thanks to recent soft inflation data which raised speculation that the Fed might slow down the pace of monetary tightening. The early weakness was due to weaker than expected business activity in New York and NAHB/Wells Fargo Housing Market data.

At the close of trade, the Dow Jones Industrial Average index inclined 151.39 points, or 0.45%, to 33,912.44. The S&P500 index was up by 16.99 points, or 0.4%, to 4,297.14. The tech-heavy Nasdaq Composite Index increased by 80.87 points, or 0.62%, to 13,128.05.

 

Total 9 of 11 S&P sectors ended higher, with consumer staples was the best performer, climbing 1.05% followed by utilities (up 0.8%), information technology (up 0.63%), and consumer discretionary (up 0.6%). Energy sector was the worst performer, erasing 2%,

ECONOMIC NEWS: The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity.

A separate report released by the National Association of Home Builders unexpectedly showed that the NAHB/Wells Fargo Housing Market Index dropped to 49 in August from 55 in July, falling below the break-even measure of 50 for the first time since May 2020.

Among Indian ADR, Dr Reddy's Labs fell 0.04% to $53.62, Azure Power Global fell 2% to $12.25, Tata Motors fell 0.16% to $30.36, and HDFC Bank fell 0.6% to $65.76, while WNS Holdings added 0.1% to $87.50 and ICICI Bank inclined 0.67% to $22.50. Wipro was flat at $5.51 and INFOSYS was flat at $20.11.

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