US Stocks end modestly higher

The US stock market finished session modestly higher on Monday, 06 June 2022, as positive signs from Friday's jobs report continued to lift investors risk sentiments. Relaxation of coronavirus restrictions in Shanghai, and reports that the Biden administration is looking at the option of lifting some tariffs on China to fight inflation helped underpin sentiments.

At the close of trade, the Dow Jones Industrial Average index increased by 16.08 points, or 0.05%, to 32,915.78. The S&P500 index gained 12.89 points, or 0.31%, to 4,121.43. The tech-heavy Nasdaq Composite Index gained 48.64 points, or 0.4%, to 12,06137.

Total 9 of 11 major S&P sectors ended the session green, with consumer discretionary (up 1%), communication services (up 1%), and materials (up 0.97%) issues enjoyed the largest percentage gains.

Among blue chips, Alphabet shares gained about 2%. Amazon climbed nearly 2%. IBM, United Health, Verizon and Walgreens Boots Alliance posted sharp to moderate gains. Spirit Airlines shares climbed nearly 7% after JetBlue Airways Corp sweetened its takeover offer for the discount airline.

Bucking the trend, Amgen, Salesfore.com, Walt Disney, Intel, Nike, JP Morgan and Microsoft closed weak. Twitter Inc. shares closed down by about 1.5%, on reports that billionaire entrepreneur Elon Musk is threatening to walk away from his $44 billion deal to acquire the social media platform if the network fails to provide data on spam and fake accounts.

Among Indian ADR, WNS Holdings added 0.8% to $74.65, Azure Power Global gained 4.7% to $15.90, Tata Motors added 1.1% to $27.80 and INFOSYS added 0.3% to $19.43. Wipro fell 0.3% to $6.02, ICICI Bank fell 0.5% to $18.97, HDFC Bank fell 0.05% to $58.31, and Dr Reddy's Labs sank 0.7% to $54.90.

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