US: Stocks end lower on rate hike woes

The US shares moved mostly lower on Thursday, 15 July 2022, with the Dow and the S&P500 indexes ending the day firmly in negative territory, while the Nasdaq managed to close just above the unchanged line.

The weakness on Wall Street majorly reflected concerns about inflation and higher interest rates after the Labor Department released a report showing U.S. producer prices increased by more than expected in the month of June. Meanwhile, disappointing earnings news from financial giants JPMorgan Chase and Morgan Stanley also weighed on the markets

At the close of trade, the Dow Jones Industrial Average index declined 142.62 points, or 0.46%, to 30,630.17. The S&P500 index was down 11.40 points, or 0.3%, to 3,790.38. The tech-heavy Nasdaq Composite Index added 3.60 points, or 0.03%, to 11,251.19.

Total 8 of 11 major S&P sectors ended the session lower, with financials (down 1.9%), energy (down 1.9%), materials (down 1.9%), communication services (down 1.05%), and real estate (down 1%) issues suffered largest percentage losses. Information technology was the clear winner, gaining 0.9%.

Among Indian ADR, ICICI Bank added 0.8% to $18.89, Tata Motors added 1.1% to $26.92, Azure Power Global added 0.2% to $11.02, WNS Holdings added 0.6% to $74.98, and Dr Reddy's Labs added 2.1% to $57.32. HDFC Bank fell 0.4% to $57.02, Wipro fell 2% to $5.01, and INFOSYS fell 1.2% to $17.90.

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