U.S. stocks close due to corporate tax hike

U.S. stocks lost ground on Tuesday, September 14, 2021, with all three major U.S. equity indices closing in negative territory, as investor sentiment eased amid uncertainty over a possible increase in corporate taxes and to be cautious ahead of the Federal Reserve’s meeting, with the central bank potentially providing an update on the outlook for its asset purchase program. However, market losses leveled off after the much-anticipated Labor Ministry report showing consumer prices rose slightly less than expected in August.

At the close of trade, the Dow Jones Industrial Average lost 292.06 points, or 0.84%, to 34,577.57. The S&P 500 Index lost 25.68 points, or 0.57%, to 4,443.05. The tech-heavy Nasdaq Composite Index fell 67.82 points, or 0.45%, to 15,037.76.

All 11 sectors of the S & P500 were down, with Energy (down 1.55%) the worst performing sector, followed by Financials (down 1.41%), Industrials (down 1.41%). 1.23%), materials (down 1.17%), and communications services (down 0.88%).

Total turnover on the US stock exchanges was 8.52 billion shares, down from the previous session’s volume of 8.93 billion shares.

On the NYSE, 1,022 issues advanced, 2,288 issues declined, and 155 issues were closed unchanged. At NASDAQ, 1,320 issues rose, 3,173 issues fell, and 188 issues remained unchanged.

ECONOMIC NEWS: The latest Labor Department report showed the consumer price index rose 0.3% in August after climbing 0.5% in July. Excluding food and energy prices, underlying consumer prices rose only 0.1% in August after rising 0.3% in July. The report also showed a slowdown in the annual rate of growth of consumer prices, which fell to 5.3% in August from 5.4% in July. The annual rate of growth of basic consumer prices also slowed to 4% in August, from 4.3% in the previous month.

Among Indian ADRs, Dr Reddys Labs fell 0.5% to $ 66.87, WNS Holdings fell 0.07% to $ 81.45, Vedanta fell 1.55% to $ 16.47, HDFC Bank fell 1.48% to $ 74.09 and ICICI Bank fell 0.62% to $ 19.19. Tata Motors added 0.54% to $ 20.55, Wipro added 0.32% to $ 9.55 and INFOSYS added 0.22% to $ 23.01.

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

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