US Stocks end mixed ahead of Fed meeting

The US stocks were mixed on Monday, 14 June 2021, with the S&P500 and NASDAQ indexes settling at new record closing highs, while Dow index closed in the red, as investors awaited for the outcome of a Federal Reserve monetary policy meeting after recent data indicated the U.S. economy is regaining momentum but not overheating.

At the close of trade, the Dow Jones Industrial Average index fell 85.85 points, or 0.25%, to 34,394. The S&P 500 index added 7.71 points, or 0.18%, at 4,255. The tech-heavy Nasdaq Composite Index rose 104.72 points, or 0.74%, to 14,174.

Total 6 out of 11 S&P 500 sectors closed up, with information technology (up 1.04%) was top performer, followed by communication services (up 0.95%), and real estate (up 0.42%) sectors, while materials (down 1.28%) sector was worst performer, followed by financial (down 1.06%) and energy (down 0.39%) sectors.

 

The Federal Reserve's two-day policy meeting starts on Tuesday, and it's a focal point for the markets this week. The central bank is not expected to take any action. However, commentary on interest rates, inflation and the economy could drive market moves. Traders will listen closely for comments on inflation and the Fed's eventual tapering plans. Expectations are that the central bank will reaffirm the pace of bond purchases this week, even if it delivers projections for interest-rate liftoff in 2023.

Among Indian ADR, Tata Motors added 0.33% to $23.98 and Dr Reddys Labs was up 0.19% to $74.20, while Vedanta fell 1.91% to $14.87, Wipro fell 0.24% to $8.25, INFOSYS fell 0.44% to $20.45, WNS Holdings was down 1% to $75.86, and HDFC Bank fell 0.96% to $76.72. ICICI Bank was steady at $17.55.

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