Market Commentary - Foreign Markets
11-Aug-2023 08:32
US Market ends firmer after inflation figures
At the close of trade, the Dow Jones Industrial Average index was up by 52.79 points, or 0.15%, to 35,176.15. The S&P500 index advanced 1.12 points, or 0.03%, to 4,468.83. The tech-heavy Nasdaq Composite Index added 15.97 points, or 0.12%, to 13,737.99.
Total 6 of S&P500 index 11 sectors ended higher. Communication services sector was top performer, rising 0.4%. Real estate sector was bottom performer, falling 0.3%.
Shares of Alibaba closed higher after the e-commerce conglomerate reported upbeat quarterly sales on the back of improved consumer sentiment.
Shares of The Walt Disney Co. climbed up after it said would raise prices for some of its streaming services to boost revenues.
ECONOMIC NEWS: The Labor Department released a report showing annual rate of growth by consumer prices accelerated to 3.2% in July from 3% in June. The Labor Department also said its consumer price index rose by 0.2% on a monthly basis in July, matching the uptick seen in June. Excluding food and energy prices, core consumer prices also rose by 0.2% for the second straight month in July. Meanwhile, the annual rate of growth by core consumer prices slowed to 4.7% in July from 4.8% in June.
Meanwhile, separate Labor Department report showed initial jobless claims climbed to 248,000, an increase of 21,000 from the previous week's unrevised level of 227,000.
Among Indian ADR, Dr Reddy's labs added 0.3% to $71.77, WNS Holdings added 2.56% to $64.84, INFOSYS was up 1% at $16.87, and Wipro added 0.4% to $5.02. HDFC Bank fell 0.4% at $66.57 and ICICI Bank fell 1% to $23.40.
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