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US Stocks ends mixed on surging delta variant

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Capital Market
Last Updated : Sep 08 2021 | 9:04 AM IST
The US stocks mostly declined in choppy session on Tuesday, 07 September 2021, with the Dow Jones Industrial Average and the S&P 500 settling the day below the boundary line, while NASDAQ managed to close at a fresh record high.

The decline in the Wall Street was due to lingering concerns that surging coronavirus of the Delta variant likely to impact on the pace of economic recovery. However, expectations that the Federal Reserve will hold its accommodative monetary policy for a longer duration helped limit market's downside.

At the close of trade, the Dow Jones Industrial Average index declined 269.09 points, or 0.76%, to 35,100. The S&P 500 index fell 15.40 points, or 0.34%, to 4,520.03. The tech-heavy Nasdaq Composite Index was up 10.81 points, or 0.07%, to 15,374.33. The US market was closed on Monday in observance of the Labor Day holiday.

Total 8 of 11 S&P500 sectors declined, while remaining 36 sectors closed up. Industrials (down 1.77%) sector was worst performer, followed by utilities (down 1.37%), real estate (down 1.13%), and consumer staples (down 1.08%) sectors, while communication services (up 0.45%) sector was top gainer, followed by consumer discretionary (up 0.36%) sector.

Total volume turnover on U.S. exchanges was 8.14 billion shares, up from previous session volume of 7.12 billion shares. In the NYSE exchange, 1023 issues advanced, 2305 issues declined, and 135 issues closed unchanged. In the NASDAQ, 1663 issues advanced, 2763 issues declined, and 169 issues unchanged.

The top five performing stocks in the S&P index were Wynn Resorts (up 5.6%), Moderna Inc (up 4.7%), Las Vegas Sands Corp (up 4.2%), Penn National Gaming Inc (up 3.9%), and Expedia Group Inc (up 3.4%), while bottom five performing stocks included VF Corp (down 5.7%), Marketaxess Holdings Inc (down 5%), 3M Co (down 4.5%), Deere & Co (down 4.5%), and Stanley Black & Decker Inc (down 4.1%).

Shares of Boeing Inc. drifted lower after the Ryanair Holdings Plc ended discussions with the U.S. planemaker with regard to a proposed purchase of higher capacity Max 10 jets worth several billion dollars due to differences over price.

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Shares of PPG Industries declined after a paint maker warned that sales likely to fall short this quarter because of logistics issues and higher commodity costs.

Among Indian ADR, Dr Reddys Labs fell 0.85% to $66.52, ICICI Bank fell 0.96% to $19.60, Tata Motors fell 2.18% to $19.76, INFOSYS fell 2.5% to $23.43, and WNS Holdings fell 0.72% to $82.68. Vedanta added 0.24% to $17.05, Wipro added 0.42% to $9.64, and HDFC Bank added 0.6% to $77.10.

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First Published: Sep 08 2021 | 6:07 AM IST

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