The weakness on the Wall Street was due to lingering worries about interest rate hikes and economic slowdown. A downward revision in global growth forecast by the International Monetary Fund weighed as well.
Sentiments also dampened ahead of an earnings deluge and the hotly anticipated inflation report due on Thursday. Thursday's inflation report will be crucial for determining the path of the Federal Reserve's rate hikes, and investors are preparing themselves for the market's reaction to Consumer Price Index data.
At the close of trade, the Dow Jones Industrial Average index recovered 36.31 points, or 0.12%, to 29,239.19. The S&P500 index fell 23.55 points, or 0.65%, to 3,588.84. The tech-heavy Nasdaq Composite Index decreased 115.91 points, or1.1%, to 10,426.19.
Total 7 of 11 S&P500 sectors were lower, with information technology (down 1.5%), communication services (down 1.6%), and financials (down 0.9%) issues being notable losers.
Technology stocks fell, with Meta Platforms share falling more than 4% following a rating downgrade due to challenging microeconomic environment.
Amgen climbed nearly 6%, buoyed by a rating upgrade of the stock to 'overweight' by Morgan Stanley.
Among Indian ADR, Dr Reddy's Labs fell 1.5% to $51.79, Wipro fell 3.7% to $4.75, HDFC Bank fell 2% to $56.47, and INFOSYS was down 2.5% at $17.13. Tata Motors shed 0.6% to $23.47 and ICICI Bank declined 1.1% to $21. Azure Power Global added 1.6% to $5.10 and WNS Holdings added 0.8% to $82.19.
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