At the close of trade, the Dow Jones Industrial Average index declined 546.80 points, or 1.59%, to 33,843.92. The S&P500 index dropped 51.92 points, or 1.19%, to 4,307.54. The tech-heavy Nasdaq Composite Index dropped 63.86 points, or 0.44%, to 14,448.58. For the month, the S&P 500 was down 4.8%, the Nasdaq fell 5.3%, and the Dow dropped 4.3%.
Total volume turnover on U.S. exchanges stood at 10.73 billion shares, up from yesterday's 9.32 billion shares. In the NYSE exchange, 1214 issues advanced, 2152 issues declined, and 111 issues closed unchanged. In the NASDAQ, 2134 issues advanced, 2396 issues declined, and 211 issues unchanged.
All 11 sectors ended down along with the S&P500 index, with industrials (down 2.1%) was bottom performing sector, followed by consumer staples down 1.85%), real estate (down 1.6%), materials (down 1.6%), financials (down 1.6%), and energy (down 1.4%) sectors.
The US treasury yields increased with the 10-year Treasury yield broke above 1.567% earlier in the week, fueled by concerns over higher inflation, interest rate increase, and the Federal Reserve's signals that it will soon begin winding down its pandemic-era asset purchases. Yields and prices move inversely.
Shares of Virgin Galactic Holdings gained after the top U.S. aviation safety regulator said it had cleared the company to operate space flights again.
Shares of Bed Bath & Beyond sank after the retailer lowered its guidance for the year as it reported slower traffic into its stores due to the Delta variant and supply-chain challenges.
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ECONOMIC NEWS: US GDP Revised Higher To 6.7% In Q2- US real gross domestic product shot up by 6.7% in the second quarter compared to the previously reported 6.6% spike, the Commerce Department revealed in revised data released on Thursday. The upwardly revised GDP growth in the second quarter reflects a modest acceleration from the 6.3% surge seen in the first quarter. The slightly stronger than previously estimated growth reflected upward revisions to consumer spending, exports, and private inventory investment. Meanwhile, the upside was limited by an upward revision to imports, which are a subtraction in the calculation of GDP.
US Jobless Claims Increase for Third Straight Week- Initial jobless claims in the US edged up to 362,000 in the week ended September 25th, an increase of 11,000 from the previous week's unrevised level of 351,000, according to a report released by the Labor Department on Thursday. With the unexpected increase, jobless claims climbed further off the pandemic-era low of 312,000 set in the week ended September 4th and reached their highest level since early August.
COMMODITY NEWS: Crude oil prices ended mixed on Thursday but off the day's lows after China indicated it was prepared to buy more oil and energy supplies. The Brent crude price fell by US12 cents or 0.2% to US$78.52 a barrel. And the US Nymex crude price rose by US20 cents or 0.3% to US$75.03 a barrel.
Base metal prices fell on Thursday by between 1.7-4.2% with lead down the least and tin down the most. The gold futures price rose by US$34.10 an ounce or 2% to U$1,757.00 an ounce. Spot gold was trading near US$1,756 an ounce at the US close.
Among Indian ADR, Wipro declined 0.67% to $8.83, INFOSYS fell 1% to $22.25, Dr Reddys Labs erased 0.06% to $65.14, Vedanta fell 1.3% to $15.28, WNS Holdings shed 0.9% to $81.80, HDFC Bank fell 0.2% to $73.09, and ICICI Bank fell 1.77% to $18.87. Tata Motors added 0.36% to $22.41
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