US Market starts November with a firm tone

The US stocks moved mostly higher on first trading session of the week and of month, Monday, 01 November 2021, with the major averages-the S&P 500, Dow, and Nasdaq all closing at fresh record highs. The gains on the Wall Street was chiefly supported by batch of upbeat earnings news, with strength in energy, consumer discretionary, utilities and industrial stocks helped to offset weakness among communication services, healthcare, and tech stocks.

At the close of trade, the Dow Jones Industrial Average index advanced 94.28 points, or 0.26%, to 35,913.84. The S&P500 index added 8.29 points, or 0.18%, to 4,613.67. The tech-heavy Nasdaq Composite Index rose 97.53 points, or 0.63%, to 15,595.92.

 

Total volume turnover on U.S. exchanges stood at 9.51 billion shares, down from yesterday's 10.26 billion shares. Advancing stocks outnumbered declining ones on the NYSE exchange by 2512 to 851 and 128 closed unchanged. In the NASDAQ, 3479 issues advanced, 1139 issues declined, and 203 issues unchanged.

Total 8 of 11 S&P500 sectors ended higher, with energy (up 1.59%) was top performing sector, followed by consumer discretionary (up 1.46%), utilities (up 0.39%), and industrials (up 0.31%), while communication services (down 0.66%) was bottom performing issue, followed by healthcare (down 0.1%).

Oil service stocks showed a substantial move to the upside amid an increase by the price of crude oil, with crude for December delivery rising $0.48 to $84.05 a barrel.

ECONOMIC NEWS: US ISM Manufacturing Index Eases Slightly In October- A report released by the Institute for Supply Management on Monday showed a modest slowdown in the pace of growth in U.S. manufacturing activity in the month of October. The ISM said its manufacturing index edged down to 60.8 in October from 61.1 in September, although a reading above 50 still indicates growth.

US Construction Spending Dips 0.5% In September- US construction spending decreased in the month of September, according to a report released by the Commerce Department on Monday. The report said construction spending fell by 0.5% to an annual rate of $1.574 trillion in September after inching up by 0.1% to a revised rate of $1.582 trillion in August. The unexpected decline in construction spending came as spending on private construction slid by 0.5% to an annual rate of $1.230 trillion.

Among Indian ADR, Vedanta added 0.57% to $15.88, Tata Motors added 6.17% to $33.53, Wipro added 0.1% to $8.97, ICICI Bank added 0.61% to $21.88, WNS Holdings added 1% to $89.71, INFOSYS added 0.85% to $22.47, HDFC Bank rose 1.3% to $72.85, and Dr Reddys Labs added 3.45% to $63.56.

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