US Stocks gain modestly

The US stocks were mostly higher on Monday, 28 June 2021, with the Nasdaq and the S&P 500 settling higher, while the Dow closed below neutral line, after President Joe Biden acknowledged there was no guarantee the infrastructure package would get through Congress.

The White House on Saturday stepped back from a call to link it to a wider tax-and-spending bill - including priorities like climate change mitigation, child care, schools and social services - that is opposed by Republicans. The announcement fanned fears he had threatened to veto the new agreement.

Investors refrained from making major moves ahead of the release of major economic data, including the consumer confidence data, a private jobs report and a crucial monthly employment report due later this week for directional cues.

 

At the close of trade, the Dow Jones Industrial Average index declined by 150.57 points, or 0.44%, to 34,283. The S&P 500 index added 9.91 points, or 0.23%, at 4,291. The tech-heavy Nasdaq Composite Index climbed up 140.12 points, or 0.98%, to 14,501.

Total 7 of 11 S&P 500 sectors closed up, with information technology (up 1.1%) sector was top gainer, followed by communication services (up 0.8%), utilities (up 0.6%), and consumer discretionary (up 0.3%) sectors, while energy (down 3.3%) was top loser, followed by financials (down 0.8%) and industrials (down 0.5%) sectors.

Tech stocks were higher as investors expect a robust earnings season while interest rates remain low, with Apple and Salesforce adding more than 1%. Facebook jumped over 4% after a U.S. federal court dismissed an antitrust case against the company from the Federal Trade Commission. Semiconductor stocks were a bright spot, with Nvidia rising 5% and Broadcom climbing more than 2%.

Shares of Boeing fell more than 3% after regulators announcement that aerospace giant is not likely to receive certification for its long-range aircraft until mid-to-late 2023.

Among Indian ADR, Tata Motors added 1.1% to $22.9, Dr Reddys Labs was up 1.6% to $73.04, Wipro added 0.5% to $7.87, ICICI Bank added 0.4% to $17.54. INFOSYS added 0.2% to $21.29, and Vedanta added 1.06% to $14.35. HDFC Bank fell 0.4% to $74.35, and WNS Holdings fell 0.16% to $81,

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