The choppy trading on Wall Street came amid lingering uncertainty about the situation in China following widespread protests over the country's Covid restrictions and on caution ahead of the release of some key economic data in the coming days, including the Labor Department's closely watched monthly jobs report on Friday.
At the close of trade, the Dow Jones Industrial Average index edged up 3.07 points, or 0.01%, to 33,852.53. The S&P500 index was down 6.31 points, or 0.16%, to 3,957.63. The tech-heavy Nasdaq Composite Index decreased 65.72 points, or 0.59%, to 10,983.78.
Total 6 of 11 sectors of the S&P500 index declined, with information technology, utilities, consumer discretionary, and consumer staples issues being notable losers, while energy, real estate, and financials issues were notable gainers.
A pullback in technology stocks, retailers and communication companies weighed on the broader markets. Apple fell 2.2%, Amazon dropped 2% and Disney slid 1.7%.
Energy stocks rose as US crude oil futures settled higher Tuesday, extending gains from the previous session on hopes that OPEC may trim production to support prices later this week. West Texas Intermediate Crude oil futures for January ended higher by $$0.96 or 1.2% at $78.20 a barrel. Hess rose 1.4%.
ECONOMIC NEWS: The Conference Board released a report today showing consumer confidence index dipped to 100.2 in November from a revised 102.2 in October. Commenting on the latest readings, Lynn Franco, senior director of economic indicators at The Conference Board said: "Consumer confidence declined again in November, most likely prompted by the recent rise in gas prices. Consumers' expectations regarding the short-term outlook remained gloomy. Indeed, the Expectations Index is below a reading of 80, which suggests the likelihood of a recession remains elevated." The Present Situation Index dipped from 138.7 to 137.4, as did the Expectations Index which declined from 77.9 to 75.4. Inflation expectations meanwhile hit their highest level since July, Franco added, due to higher prices for gas and food.
Among Indian ADR, INFOSYS was up 0.4% at $19.71, HDFC Bank added 0.95% to $69.24, Dr Reddy's Labs added 1.34% to $55.29, Azure Power Global rose 2.7% to $5.74, Tata Motors added 0.5% to $26.39, and ICICI Bank added 1.3% to $23.48. WNS Holdings declined 1.9% to $82.45. Wipro was steady at $4.95.
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