US Stocks lose ground ahead of inflation update

The US stocks market finished choppy session lower on Wednesday, 09 June 2021, as investors mood was subdued ahead of the much-awaited inflation data due on Thursday for guidance about the path of Federal Reserve crisis-era stimulus.

At the close of trade, the Dow Jones Industrial Average index declined 152.68 points, or 0.44%, to 34,447. The S&P 500 index fell 7.71 points, or 0.18%, at 4,220. The tech-heavy Nasdaq Composite Index dropped 13.16 points, or 0.09%, to 13,912.

Total 7 out of 11 S&P 500 sectors closed down, with financials (down 1.06%) sector was worst performer, followed by, industrials (down 1.03%), materials (down 0.76%), energy (down 0.56%), consumer discretionary (down 0.46%), and consumer staples (down 0.43%) sectors, while healthcare (up 1%) sector was top gainer, followed by utilities (up 0.85%) sector.

 

US stocks closed slightly weak on Wednesday as investors largely stayed cautious ahead of the much-awaited U.S. inflation data as it could influence how soon the Federal Reserve pares its stimulus programme.

Washington lawmakers passed a sweeping bill designed to boost the United States' ability to compete against Chinese technology, providing funds for research and semiconductor production amid an ongoing chip supply drought.

ECONOMIC NEWS: Data from the Commerce Department showed wholesale inventories in the U.S. rose by 0.8% from a month earlier to US$ 698.0 billion in April, after seeing a 1.2% increase in the previous month.

Among Indian ADR, Tata Motors fell 2.86% to $23.42, Wipro fell 0.49% to $8.16, Dr Reddys Labs was down 0.47% to $71.79, WNS Holdings was down 0.49% to $76.59, Vedanta fell 1.61% to $14.70, and ICICI Bank fell 2.1% to $17.43. INFOSYS added 0.82% to $19.66 and HDFC Bank added 0.39% to $77.25.

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