Home Uncategorized US stocks end lower ahead of Fed meeting minutes

US stocks end lower ahead of Fed meeting minutes


The US stock market failed to hold onto its gains and ended on a negative note on Monday, February 7, 2022, due to further declines from big tech names and caution ahead of the minutes of the last meeting Federal Reserve monetary policy, for directional cues.

Investors are grappling with the prospect of the steepest monetary tightening cycle since the 1990s, with markets pricing in interest rate hikes of more than five quarter-points from the Federal Reserve in 2022 following a solid report on employment in the United States. The US Inflation report this week could lead to more market volatility.

At the close of trade, the Dow Jones Industrial Average edged up 1.39 points, or 0.00%, to 35,091.13.

The S&P500 index fell 16.66 points, or 0.37%, to 4,483.87. The tech-heavy Nasdaq Composite Index fell 82.34 points, or 0.58%, to 14,015.67.

Advancing stocks outnumbered declining ones on the NYSE stock exchange from 1801 to 1567 and 159 closed unchanged. At NASDAQ, 2711 numbers advanced, 2018 numbers declined and 255 numbers remained unchanged.

In total, 7 of the 11 major S&P 500 sector indices declined, with the worst performing issues being Communication Services (down 2.22%), Information Technology (down 0.66%) and materials (down 0.43%), while the best performing issues included energy (up 1.3%). ) and financial (+0.33%).

Among individual actions, Meta Platforms declined over reports that a company threatened to pull the social media platform from the European Union if it is unable to remember user data according to rules. of GDPR data.

Shares of Frontier Airlines and Spirit Airlines soared after the groups disclosed plans to merge with America’s fifth-largest airline in a $2.9 billion cash and stock deal.

Shares of Peloton Interactive Inc. climbed on reports of Amazon and Nike being among companies seeking to acquire the exercise brand.

Among Indian ADRs, Tata Motors fell 0.91% to $32.80, INFOSYS fell 1.83% to $22.47, Wipro fell 2.11% to $7.44, Dr Reddys Labs fell 0.42% to $57.52, HDFC Bank was down 2.16% to $67.38 and ICICI Bank was down 1.72% to $21.18. Azure Power Global rose 2.36% to $13.86 and WNS Holdings added 0.87% to $86.05.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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