US Stocks mixed as rotational into value persists

The US stocks finished session mixed on Wednesday, 11 November 2020, as investors continued the rotation into value stocks at the expense of growth stocks. At the close of trade, the Dow Jones Industrial Average index fell 23.29 points, or 0.08%, to 29,397.63. The S&P 500 index added 27.13 points, or 0.77%, to 3,572.66. The tech-heavy Nasdaq Composite Index grew 232.57 points, or 2.01%, to 11,786.43.

Shares of technology companies rebounded -after being hit hard earlier this week -as investors bet that the US economic recovery will be slow due to the virus resurgence. Shares of Apple (+3%), Amazon (+3.4%), Facebook (+1.5%), Microsoft (+2.6%) and Netflix (+2.2%) all lifted alongside Alphabet (+0.6%) and Zoom Video Communications (+9.9%).

 

Ride-hailing app Lyft's shares were up 1% on plans to enter the food-delivery market. The Dow Jones index closed lower by 23 points or

Apple Inc. shares rose 3.5%, a day after the company announced a new fleet of Macs with custom chips that will replace components made by traditional chip makers, including Intel Corp.

Among Indian ADR, Vedanta added 0.55% to $5.52, Tata Motors rose 1.79% to $10.21, Azure Power Global added 2.86% to $29.82, Dr Reddys Labs rose 2.43% to $64.49, Wipro added 2.85% to $5.06, and INFOSYS added 3.78% to $15.09. HDFC Bank shed 1.23% to $66.49, ICICI Bank shed 0.38% to $13.20, and WNS Holdings fell 0.07% to $67.85.

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