The mixed finish of the Wall Street came as optimism over China's economic recovery following the country's border reopening and expectations of slower rate hikes by the U.S. Federal Reserve offset by profit booking ahead of Fed Chair Jeremy Powell's comments on Tuesday and Labor Department's inflation report on Thursday.
The At the close of trade, the Dow Jones Industrial Average index fell 112.96 points, or 0.34%, to 33,517.65. The S&P500 index dropped 2.99 points, or 0.08%, to 3,892.09. The tech-heavy Nasdaq Composite Index increased 66.36 points, or 0.63%, to 10,635.65.
Total 6 of 11 sectors ended lower along with the S&P500 Index. Healthcare was bottom performing sector, falling 1.66%, followed by consumer staples (down 1.03%) and energy (down 0.47%), while information technology was the top performing sector, rising 1.09%, followed by utilities (up 0.64%) and materials (up 0.6%).
Market commenced trading with a firm footing as risk sentiments improved amid bets the Federal Reserve will slow its pace of policy tightening after data showed a drop in wage growth and a contraction in U.S. service sector activity.
However, market failed to hold early momentum, trimming gains on caution ahead of Labor Department's inflation report on Thursday and slew of Fed officials including Chair Jerome Powell are due to speak this week, with investors parsing their commentary for more clues on the rate-hike trajectory.
Other economic data such as weekly jobless claims and the University of Michigan's consumer sentiment report will also be in focus this week.
IN CORPORATE NEWS: Tesla shares climbed nearly 6% on demand surge after the electric vehicle maker has indicated longer waiting times for some versions of the Model Y in China, presumably due to recent price cuts.
Among Indian ADR, HDFC Bank was steady at $67.40 Wipro added 1.72% to $4.74, INFOSYS was up 1.07% at $18, and Tata Motors added 3% at $24.03. WNS Holdings inclined 2% to $82.83, ICICI Bank added 0.42% to $21.36, Dr Reddy's labs added 0.82% to $53.13, Azure Power Global added 4.42% to $4.72.
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