At the close of trade, the Dow Jones Industrial Average index declined 259.86 points, or 0.75%, to 34,422. The S&P 500 index dropped 37.31 points, or 0.86, at 4,321. The tech-heavy Nasdaq Composite Index was down 105.28 points, or 0.72%, to 14,560.
All 11 sectors advanced along with S&P 500, with financials (down 1.96%) was worst performer, followed by industrials (down 1.43%), material (down 1.36%), communication services (down 1.05%), and information technology (down 0.92%) sectors.
Shares of banks and financials declined on concerns about profitability outlook with lower rates.The yield on the 10-year US Treasury bond fell below 1.3 per cent, extending a trend from recent weeks as inflation fears ebb. Bank of America, Wells Fargo, Goldman Sachs and other financial shares declined more than 2% each. JPMorgan Chase and PNC Financial were also lower.
Shares of Chip-related companies also fell on concerns about the pace of the global recovery. Micron, Qualcomm, Intel and Applied Materials fell more than 1%. Nvidia dropped 2.3%. Technology stocks also declined with Microsoft, Apple, Facebook and Google-parent Alphabet all closing in the red.
ECONOMIC NEWS: the Labor Department released a report showing initial jobless claims crept up to 373,000 in the week ended July 3rd, an increase of 2,000 from the previous week's revised level of 371,000.
Among Indian ADR, Tata Motors fell 2.88% to $19.92, Dr Reddys Labs fell 1.28% to $73.61, INFOSYS fell 1.09% to $20.95, ICICI Bank fell 2.61% to $17.14, and Vedanta fell 3.57% to $14.06. HDFC Bank fell 1.2% to $73.33, and Holdings fell 1.89% to $80.57, and Wipro fell 1.69% to $7.54,
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