At the close of trade, the Dow Jones Industrial Average index declined 93.91 points, or 0.32%, to 29,202.88. The S&P500 index fell 27.27 points, or 0.75%, to 3,612.39. The tech-heavy Nasdaq Composite Index decreased 110.30 points, or1.04%, to 10,542.10.
Technology stocks fell as a set of fresh restrictions by the Biden administration on China's access to American technology. Washington published a set of export controls that limit companies selling advanced computing semiconductors and manufacturing equipment to China. Shares of Qualcomm Inc. fell more than 5%. Nvidia ended lower by about 4%, and Advanced Micro Devices shed about 1%. Micron Technology Inc. shares drifted down 2.89%. Microsoft and Intel both shed more than 2%.
Among Indian ADR, Dr Reddy's Labs added 0.3% to $52.84, Wipro added 4.2% to $4.93, HDFC Bank added 0.3% to $57.60, and INFOSYS was up 2.9% at $17.56. Tata Motors shed 2.7% to $23.61 and ICICI Bank added 0.8% to $21.24. Azure Power Global fell 5.1% to $5.02 and WNS Holdings fell 1% to $81.52.
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