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US Stocks falls from record highs ahead of Fed decision
(16 Jun 2021, 08:32)
The US stocks were in negative territory on Tuesday, 15 June 2021, with the Nasdaq and the S&P 500 pulled back from yesterday's record highs, as investors booked profit after disappointing retail sales and caution ahead of the Federal Open Market Committee's two-day meeting decision.

At the close of trade, the Dow Jones Industrial Average index fell 94.42 points, or 0.27%, to 34,299. The S&P 500 index declined 8.56 points, or 0.2%, at 4,247. The tech-heavy Nasdaq Composite Index dropped 101.29 points, or 0.71%, to 14,073.

Total 7 out of 11 S&P 500 sectors closed down, with real estate (down 1.03%) was worst performer, followed by information technology (down 0.64%), communication services (down 0.49%), and consumer discretionary (down 0.47%) sectors, while energy (up 2.06%) sector was top gainer, followed by industrials (up 0.47%) and utilities (up 0.35%) sectors.

The Federal Reserve's two-day policy meeting began today, and it's a focal point for the markets. The central bank is not expected to take any action. Traders will listen closely for interest rates, comments on inflation and the Fed's eventual tapering plans

ECONOMIC NEWS: The Labor Department said its producer price index for final demand advanced by 0.8 in May after climbing by 0.6% in April. Excluding prices for food, energy, and trade services, core producer prices rose by 0.7 in May. Compared to the same month a year ago, producer prices in May were up by 6.6%. The annual rate of core producer price growth also accelerated to a record high of 5.3% in May from 4.6% in April.

Meanwhile, the Commerce Department released a separate report showing retail sales tumbled by 1.3% in May following an upwardly revised 0.9% increase in April. Excluding sales by motor vehicle and parts dealers, retail sales still slid 0.7% in May after coming in unchanged in April.

The Federal Reserve also released a report showing industrial production climbed by 0.8% in May after inching up by a revised 0.1% in April.

Among Indian ADR, Tata Motors fell 0.96% to $23.75, Dr Reddys Labs was down 0.66% to $73.71, Vedanta fell 1.75% to $14.61, Wipro fell 0.85% to $8.18, and INFOSYS fell 1.08% to $20.23, while WNS Holdings rose 2.62% to $77.87 and HDFC Bank added 0.81% to $77.34, and ICICI Bank was up 0.28% to $17.60.

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