US Stocks end with loss

The US stocks fell deeply on Wednesday, 18 January 2023, with the Dow, the S&P500, and the Nasdaq indexes all settled in the negative territory, as investors ignored good news (the continuing moderation of inflation) and focused on bad news (weak retail sales and low industrial production figures) instead.

The At the close of trade, the Dow Jones Industrial Average index declined 613.89 points, or 1.81%, to 33,296.96. The S&P500 index was down 62.11 points, or 1.56%, to 3,928.86. The tech-heavy Nasdaq Composite Index decreased by 138.10 points, or 1.24%, to 10,957.01.

All 11 sectors ended lower along with the S&P500 Index. Consumer staples was worst performing sector, erasing 2.65%, followed by utilities (down 2.41%), financials (down 1.84%), industrials (down 1.84%), and energy (down 1.77%) sectors.

 

ECONOMIC NEWS: The Commerce Department said retail sales tumbled by 1.1% in December after slumping by a revised 1% in November.

A separate report released by the Federal Reserve showing industrial production in the U.S. decreased by 0.7% in December after falling by a revised 0.6% in November.

Meanwhile, a report from the Labor Department showed U.S. producer price index for final demand declined by 0.5% in December after inching up by a revised 0.2% in November. The report also showed the annual rate of producer price growth slowed to 6.2% in December from 7.3% in November.

Among Indian ADR, HDFC Bank was up 2.46% at $68.65, ICICI Bank added 0.62% to $21.23, INFOSYS was up 0.43% at $18.75, Dr Reddy's labs added 0.4% to $54.01, and Wipro added 1.6% to $4.97. WNS Holdings declined 0.7% to $83.41, Azure Power Global fell 1.8% to $4.27, and Tata Motors sank 1.57% at $24.40.

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