The mixed finish of Wall Street was due to investors cautious moves ahead of the Federal Reserve's monetary policy announcement. The Fed was previously expected to raise interest rates by 50 basis points, but following Friday's hot CPI inflation report, the central bank is now expected to raise interest rates by 75 basis points. Meanwhile, those higher interest rates could have a chilling effect on the economy and push mortgage rates to levels not seen in many years.
At the close of trade, the Dow Jones Industrial Average index fell 151.91 points, or 0.5%, to 30,364.83. The S&P500 index dropped 14.15 points, or 0.38%, to 3,735.48. The tech-heavy Nasdaq Composite Index added 19.12 points, or 0.18%, to 10,828.35.
Total 9 of 11 major S&P sectors ended the session red, with utilities (down 2.6%), consumer staples (down 1.3%), healthcare (down 1.06%), and real estate (down 1%) issues suffered the largest%age losses.
Shares of Coca-Cola, P&G, Walt Disney, United Health, Salesforce.com, American Express, Home Depot, JP Morgan Chase, Johnson & Johnson and Cisco Systems shed 1 to 4%.
Shares of Oracle soared more than 10% after the software company beat estimates while reporting strong guidance for the next fiscal year. Boeing shares rallied nearly 3%. Twitter gained about 0.5% as hopes about Elon Musk following through on his $44 billion deal to acquire the social media giant.
ECONOMIC NEWS: data from the Labor Department showed producer prices increased 0.8% month-on-month in May 2022, following a 0.4% rise in April.
Among Indian ADR, WNS Holdings fell 0.17% to $69.27, Azure Power Global dropped 8.1% to $12.23, Tata Motors added 2.4% to $25.99, and INFOSYS added 2.2% to $18.24. Wipro added 1.8% to $5.65, ICICI Bank added 1.3% to $17.44, and HDFC Bank added 0.1% to $52.69. Dr Reddy's Labs added 1.7% to $55.31.
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