At the close of trade, the Dow Jones Industrial Average index fell 106.77 points, or 0.3%, to 35,544.18. The S&P500 index dropped 34.88 points, or 0.75%, to 4,634.09. The tech-heavy Nasdaq Composite Index dropped 175.64 points, or 1.14%, to 15,237.64.
Total volume turnover on U.S. exchanges stood at 9.89 billion shares, down from 9.34 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 2383 to 1016 and 141 closed unchanged. In the NASDAQ, 3388 issues advanced, 1316 issues declined, and 242 issues unchanged.
Total 10 of the 11 major S&P 500 sector indexes declined, with bottom performing issues were information technology (down 1.64%), real estate (down 1.27%), industrials (down 0.97%), and utilities (down 0.63%).
The Fed will start its two-day policy meeting later Tuesday with the latest wholesale inflation report available. That report showed a rise to a 9.6% rate in November. Investors were cautiously awaiting for the Fed Chairman Jerome Powell policy meeting announcement to know a quickening of its monthly bond purchase tapering program, as it seeks to combat an ongoing rise in inflation.
ECONOMIC NEWS: US Annual Producer Price Index Accelerates To 9.6% In November, Fastest Pace On Record- US producer price index for final demand advanced by 0.8% in November after climbing by 0.6% in October, the Labor Department reported on Tuesday. With the stronger than expected monthly increase, the annual rate of producer price growth accelerated to 9.6% in November from 8.8% in October. The Labor Department said the year-over-year spike reflected the largest advance since 12-month data were first calculated in November 2010. The bigger than expected monthly increase in prices was partly due to a continued surge in energy prices, which shot up by 2.6% in November after soaring by 5.3% in October. Food prices also jumped by 1.2% in November after dipping by 0.3% in the previous month. Excluding food, energy and trade prices, core producer prices increased by 0.7% in November after rising by 0.4% in October. The annual rate of core producer price growth accelerated to 6.9% in November from 6.3% in October, reaching the highest level since 12-month data were first calculated in August 2014.
Among Indian ADR, Wipro fell 0.35% to $8.62, HDFC Bank dropped 0.6% to $64.71, WNS Holdings fell 1.26% to $84.20, Tata Motors declined 0.81% to $31.69, and Azure Power Global fell 1.31% to $18.85. INFOSYS added 1.24% to $22.89, ICICI Bank rose 0.05% to $19.66, and Dr Reddys Labs rose 0.28% to $60.80.
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