The US stocks were mostly lower on Monday, 27 September 2021, with the S&P500 and the Nasdaq finished below neutral line, while the Dow eked out marginal gains, as gains in cyclical sectors including energy and financials were offset by a weakness in tech stocks.Investors risk sentiments largely subdued on cautious ahead of the speeches from several Fed officials and concerns over the developments surrounding debt-laden China Evergrande.
At the close of trade, the Dow Jones Industrial Average index advanced 71.37 points, or 0.21%, to 34,869.37. The S&P500 index fell 12.37 points, or 0.28%, to 4,443.11. The tech-heavy Nasdaq Composite Index dropped 77.73 points, or 0.52%, to 14,969.97.
Total 6 of 11 S&P500 sectors declined, with real estate (down 1.7%) was worst performing sector, followed by healthcare (down 1.4%) and utilities (down 1.4%), while energy (up 3.4%) was top gainer followed by financials (up 1.3%) and materials (up 0.8%).
Total volume turnover on U.S. exchanges stood at 9 billion shares, up from yesterday's 8.33 billion shares. In the NYSE exchange, 1972 issues advanced, 1346 issues declined, and 139 issues closed unchanged. In the NASDAQ, 2756 issues advanced, 1709 issues declined, and 195 issues unchanged.
Financials and energy stocks gained in strength, while technology stocks drifted lower, weighed down by rising treasury yields. The rise in yields comes as investors bet the Federal Reserve may have to raise rates sooner than many expect as supply-chain issues will continue to boost the pace of inflation.
ECONOMIC NEWS: US Durable Goods Orders Climb 1.8% In August-US durable goods orders jumped by 1.8% in August after rising by a revised 0.5% in July, according to a report released the Commerce Department on Monday. The bigger than expected increase in durable goods orders was largely due to a spike in orders for transportation equipment, which shot up by 5.5% in August after dipping by 0.4% in July. Orders for non-defense aircraft and parts led the way higher, soaring by 77.9% in August after plunging by 36.3% in July. Excluding the rebound in orders for transportation equipment, durable goods orders edged up by 0.2% in August after climbing by 0.8% in July.
Among Indian ADR, Wipro fell 4.6% to $9.15, INFOSYS fell 3.3% to $22.90, Dr Reddys Labs fell 0.32% to $64.66, and Vedanta fell 2.75% to $15.22. WNS Holdings added 0.4% to $82.48, HDFC Bank added 1.07% to $74.44, Tata Motors added 4.6% to $22.81, and ICICI Bank added 1.59% to $19.85.
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