At the close of trade, the Dow Jones Industrial Average index declined 149.06 points, or 0.42%, to 34,935. The S&P 500 index decreased 23.89 points, or 0.54%, to 4,395. The tech-heavy Nasdaq Composite Index was down 105.59 points, or 0.71%, to 14,673. For the week, the tech-heavy Nasdaq slumped by 1.1%, while the Dow and the S&P 500 both decreased by 0.4%. All three indexes were up for July, with Dow showing a 1.3% monthly gain, the S&P 500 rising 2.3% and the Nasdaq up 1.2% for the month.
Total 7 of 11 S&P 500 sectors declined, with consumer discretionary (down 2.77%) sector was worst performer, followed by energy (down 1.76%), utilities, (down 0.87%), and financials (down 0.73%) sectors, while materials (up 0.4%), was top gainer, followed by real estate (up 0.32%) sector.
Shares of technology companies were lower, with Amazon.com shares led losses, down 7.6%, after second-quarter results showed a miss on sales and a forecast for the third quarter, suggesting a slowdown in e-commerce activity is set to continue. Shares of Pinterest also moved sharply lower after the image-sharing website operator reported better than expected second quarter earnings and revenues but a quarterly decline in monthly average users. Shares of Caterpillar, Exxon Mobil and Chevron also moved to the downside despite reporting quarterly results.
ECONOMIC NEWS: US Consumer Sentiment Index Inches Higher In July-US consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5, revised data released by the University of Michigan on Friday showed. One-year inflation expectations jumped to 4.7% in July from 4.2 in June, while five-year inflation expectations were unchanged at 2.8%. The report also showed the current economic conditions index fell to 84.5 in July from 88.6 in June, while the index of consumer expectations slid to 79.0 from 83.5.
Among Indian ADR, Tata Motors fell 0.71% to $19.68, ICICI Bank fell 1.22% to $18.59, HDFC Bank lost 0.94% to $70.57, WNS Holdings added 0.23% to $82.34, and Wipro fell 0.63% to $8.33. Vedanta added 1.65% to $16.03,Dr Reddys Labs fell 0.63% to $62.55, and INFOSYS added 0.91% to $22.12.
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