US Stocks fall after inflation data

The US stocks were mostly lower on Tuesday, 14 February 2023, with the Dow and the S&P500 indexes settling session slightly below neutral line, while the Nasdaq managed to hold gain line. The weak finish of the Wall Street was chiefly due to hotter-than-expected US inflation reading, which supports a case for further interest rate hikes.

At the close of trade, the Dow Jones Industrial Average index fell 156.66 points, or 0.46%, to 34,089.27. The S&P500 index was down 1.16 points, or 0.03%, to 4,136.13. The tech-heavy Nasdaq Composite Index increased by 68.36 points, or 0.57%, to 11,960.15.

Total 7 of 11 sectors ended lower along with the S&P500 Index. Real estate was bottom performer sector, falling 1.04%, while consumer discretionary was top performing sector, rising 1.18%.

 

Among individual stocks, Shares of Fidelity National Information Services plunged 12.5% following news the payments company plans to spin off its merchant business and take a $17.6 billion loss following a failed acquisition.

ECONOMIC NEWS: The US Bureau of Labor Statistics reported on Tuesday that inflation in the United States, as measured by the Consumer Price Index (CPI), declined to 6.4% on a yearly basis in January from 6.5% in December. On a monthly basis, the CPI was up 0.5%. The Core CPI, which excludes volatile food and energy prices, rose 0.4% on a monthly basis as expected, bringing the annual rate down to 5.6% from 5.7%.

Among Indian ADR, ICICI Bank added 1.06% to $20.89, INFOSYS was up 0.53% at $19.12, Dr Reddy's labs added 0.16% to $55.40, and HDFC Bank added 1.07% at $69.65. Azure Power Global added 1.8% to $3.44. Wipro was steady at $4.88. WNS Holdings fell 1.84% to $87.03.

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