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US Wall Street closes down
28-Jun-22   08:00 Hrs IST

The US shares drifted down on Monday, 27 June 2022, with the Dow, the S&P500, and the Nasdaq all finishing below neutral line after oscillating earlier in the session, as investors largely stayed cautious, reassessing the expected path of Federal Reserve interest rate hikes amid softening inflation expectations.

Investors have been hoping oil's slide from three-month peaks hit earlier in June could ease overall inflation concerns and allow the U.S. Federal Reserve to tighten policy less aggressively than initially feared.

At the close of trade, the Dow Jones Industrial Average index declined 62.42 points, or 0.2%, to 31,438.26. The S&P500 index was down 11.63 points, or 0.3%, to 3,900.11. The tech-heavy Nasdaq Composite Index dropped 83.07 points, or 0.72%, to 11,524.55.

Total 8 of 11 major S&P sectors ended the session lower, with consumer discretionary (down 1.1%), communication services (down 1.05%), and materials (down 0.8%) suffered largest percentage losses. Energy sector was the clear winners, gaining 2.8% on the day.

ECONOMIC NEWS: New orders for U.S. manufactured durable goods increased 0.7% in May after rising by 0.4% in April, according to a report released by the Commerce Department.

The National Association of Realtors released a report on Monday showing pending home sales index climbed 0.7% to 99.9 in May after plunging by 4% to a revised 99.2 in April.

Among Indian ADR, Tata Motors fell 1.1% to $26.38, ICICI Bank fell 1.4% to $18.11, HDFC Bank fell 1.7% to $56.84, Dr Reddy's Labs fell 0.5% to $55.65, and Wipro sank 0.7% to $5.45. INFOSYS added 0.5% to $18.76, WNS Holdings added 0.1% to $75.15, and Azure Power Global added 1.4% to $13.42.

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