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  • US Stocks end mixed; NASDAQ climbs to record high
  • June 24,2021  09:01
  • The US stocks were mixed on Wednesday, 23 June 2021, with the NASDAQ Composite closing at an all-time high on strong manufacturing data and a rally in Tesla Inc, while the Dow and S&P500 indexes closed lower as investors eyed the latest statements from Federal Reserve officials.

    At the close of trade, the Dow Jones Industrial Average index declined 71.34 points, or 0.21%, to 33,874. The S&P 500 index dropped 4.60 points, or 0.11%, at 4,242. The tech-heavy Nasdaq Composite Index added 18.46 points, or 0.13%, to 14,272.

    Total 8 of 11 S&P 500 sectors closed down, with utilities (down 1.05%) sector was top loser, followed by, materials (down 0.62%), consumer staples (down 0.57%), and healthcare (down 0.46%) sectors, while consumer discretionary (up 0.63%) sector was top gainer, followed by industrials (up 0.46%) sector.

    Comments from Federal Reserve Chair Jerome Powell have eased some of the concerns about the outlook for monetary policy that weighed on the markets last week Powell on Tuesday reassured markets by saying the central bank will watch a broad set of job market data to assess the economic recovery from COVID-19, rather than rush to raise rates on the basis of fear of inflation. But traders know the Fed will eventually start tapering its asset purchases.

    ECONOMIC NEWS: The Commerce Department said new home sales tumbled by 5.9% to an annual rate of 769,000 in May after plunging by 7.8% to a downwardly revised rate of 817,000 in April.

    Data firm IHS Markit said on Wednesday its flash U.S. manufacturing PMI rose to a reading of 62.6 this month. That was the highest since the survey was expanded to cover all manufacturing industries in October 2009 and followed a final reading of 62.1 in May. Though IHS Markit's flash services sector PMI dropped to 64.8 from a reading of 70.4 in May, it was still the second highest since data collection began in October 2009.

    Among Indian ADR, Tata Motors fell 1.19% to $22.41, Dr Reddys Labs was down 0.4% to $71.40, Wipro fell 3.47% to $7.79, HDFC Bank fell 0.51% to $74.39, and ICICI Bank fell 0.59% to $16.94. INFOSYS dropped 0.34% to $20.69 and WNS Holdings sank 0.4% to $71.40. Vedanta added 0.15% to $13.74.

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