US Stocks end lower on Wednesday

The US stock market finished session lower on Wednesday, 08 June 2022, as risk aversion selloff triggered across the board amid renewed worries about rising inflation, slowing growth and the outlook for interest rates. The downward revisions in global growth forecasts for the current year and 2023 by the World Bank and the Organization for Economic Cooperation and Development weighed as well.

At the close of trade, the Dow Jones Industrial Average index decreased by 269.24 points, or 0.81%, to 32,910.90. The S&P500 index fell by 44.91 points, or 1.08%, to 4,115.77. The tech-heavy Nasdaq Composite Index dropped 88.96 points, or 0.73%, to 12,086.27.

Total 10 of 11 major S&P sectors ended the session red, with real estate (down 2.43%), materials (down 2.1%), utilities (down 2%), industrials (down 1.8%), and financials (down 1.7%) issues suffered the largest percentage losses.

Among Indian ADR, WNS Holdings fell 1.3% to $74.76, Azure Power Global dropped 3.9% to $15.19, Tata Motors fell 1% to $27.89, and INFOSYS sank 1.1% to $19.16. Wipro fell 0.7% to $5.97, ICICI Bank fell 1.4% to $18.71, and Dr Reddy's Labs sank 0.5% to $54.07. HDFC Bank added 0.4% to $58.68.

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