At the close of trade, the Dow Jones Industrial Average index declined 323.73 points, or 0.92%, to 34,792.67. The S&P 500 index shed 20.49 points, or 0.46%, to 4,402.66. The tech-heavy Nasdaq Composite Index was up 19.24 points, or 0.13%, to 14,780.53.
Total 9 of 11 S&P 500 sectors declined, with energy (down 2.93%) sector was worst performer, followed by industrials (down 1.37%), consumer staples (down 1.26%), materials (down 1%), and consumer discretionary (down 0.84%) sectors, while communication services (up 0.23%) sector was top gainer.
Total volume turnover on U.S. exchanges was 8.84 billion shares. In the NYSE exchange, 1087 issues advanced. 2207 issues declined, and 160 issues closed unchanged. In the NASDAQ, 1544 issues advanced, 2827 issues declined, and 214 issues unchanged.
Top five advancing stocks were BeyondSpring Inc (up 176%), Robinhood Markets Inc (up 50.4%), eXp World Holdings Inc (up 36%), AeroCentury Corp (up 35.5%), and Bit Digital Inc (up 30.7%), while bottom five declining stocks included Zymergen Inc (down 76.3%), Live Ventures Inc (down 46.5%), Moxian Inc (down 35.6%), Ecoark Holdings Inc (down 28.8%), and Cardlytics Inc (down 27.6%).
The weakness on Wall Street came amid renewed concerns about the pace of U.S. economic growth after payroll processor ADP released a report showing private sector employment increased by much less than expected in the month of July. Bottlenecks in hiring continue to hold back the labor market, according to ADP. Federal Reserve policy makers have said the recovery of the labor market is a key factor in monetary policy decisions.
Meanwhile, sentiments was also dampened as the spread of the Delta variant of Covid-19 and a slowdown in the rate of vaccinations prompted some concern that authorities might reimpose or tighten restrictions on social activity and travel.
More From This Section
ECONOMIC NEWS: US ADP Private Sector Job Growth Slows In July- US private sector employment rose by 330,000 jobs in July after surging by a downwardly revised 680,000 jobs in June, payroll processor ADP reported on Wednesday. The increase in private sector employment was partly due to the addition of 139,000 jobs in the leisure and hospitality sector, although the pace of job growth in the sector has slowed. The report also showed job growth in the health care and social assistance, professional and business services and trade, transportation and utilities sectors as well as a slight increase in manufacturing jobs. ADP said employment at midsized and large businesses increased by 132,000 jobs and 106,000 jobs, respectively, while small businesses added 91,000 jobs.
US Services PMI Accelerates To All-Time High In July- US services PMI jumped to an all-time high of 64.1 in July after pulling back to 60.1 in June, with a reading above 50 indicating growth in the sector, according to a report released by the Institute for Supply Management on Wednesday. The bigger than expected increase by the headline index came as the business activity index surged up to 67.0 in July from 60.4 in June. The new orders index also climbed to 63.7 in July from 62.1 in June, while the employment index rebounded to 53.8 in July from 49.3 in June. The ISM said the prices index climbed to 82.3 in July from 79.5 in June, reaching its second-highest reading ever, behind September 2005.
Among Indian ADR, Tata Motors fell 4.09% to $19.72, Wipro dropped 0.47% to $8.53, Vedanta fell 1.95% to $16.62, INFOSYS fell 1.05% to $22.64, and WNS Holdings fell 0.62% to $80.39. ICICI Bank rose 2.76% to $19.33, HDFC Bank added 1.8% to $73.43, and Dr Reddys Labs added 0.68% to $63.72.
Powered by Capital Market - Live News