At the close of trade, the Dow Jones Industrial Average index declined 81.52 points, or 0.24%, to 34,312. The S&P 500 index decreased 8.92 points, or 0.21%, at 4,188. The tech-heavy Nasdaq Composite Index dropped 4 points, or 0.03%, to 13,657.
Total 6 out of 11 S&P 500 sectors closed down, with energy (down 2.04%), utilities (down1.18%), financials (down 0.96%), and materials (down 0.88%) sectors being notable losers, while consumer discretionary (up 1.02%) and real estate (up 1.06%) sectors were notable gainers.
Federal Reserve officials continued to downplay rising price pressures, and reiterated that the central bank can take steps to cool a jump in inflation, if it occurs, without derailing the economic rebound coming out of the coronavirus pandemic.
ECONOMIC NEWS: US New Home Sales Fall Substantially In April-US new home sales slumped by 5.9% to an annual rate of 863,000 in April after jumping by 7.4% to a significantly downwardly revised rate of 917,000 in March, according to a report released by the Commerce Department on Tuesday. Despite the steep monthly drop, new home sales in April were still up by 48.3% compared to 582,000 in the same month a year ago.
US Consumers Optimism About Short-Term Outlook Wanes, Notes Conference Board-US consumer confidence index edged down to 117.2 in May after climbing to a revised 117.5 in April, a report released by the Conference Board on Tuesday showed. While the%age of consumers claiming business conditions are "good" fell to 18.7% from 19.4%, the proportion claiming conditions are "bad" also slid to 21.8% from 24.5%. Consumers' assessment of the labor market also improved, as those saying jobs are "plentiful" spiked to 46.8% from 36.3% and those claiming jobs are "hard to get" dipped to 12.2% from 14.7%. Meanwhile, the Conference Board said the expectations index dropped to 99.1 in May from 107.9 in April, as consumers' optimism about the short-term outlook waned.
Among Indian ADR, Tata Motors fell 0.7% to $21.37, ICICI Bank fell 0.62% to $17.67, Vedanta fell 1.97% to $14.97, WNS Holdings fell 0.53% to $74.46, Wipro fell 0.39% to $7.61, and HDFC Bank fell 3.32% to $73.01. Dr Reddys Labs was up 0.22% to $72.75 and INFOSYS added 0.32% to $18.73
Powered by Capital Market - Live News