US market falls on fear of aggressive interest rate hikes

The US stock market ended its volatile session in red territory on Thursday, September 15, 2022, amid lingering concerns about an acceleration in the interest rate hike cycle following surprisingly strong US inflation data and d a flurry of US economic data released this morning.

At the close of trading, the Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82.

The S&P500 index lost 44.66 points, or 1.13%, to 3,901.35. The tech-heavy Nasdaq Composite Index fell 167.32 points, or 1.43%, to 11,552.36.

In total, 9 of the 11 major S&P 500 sectors fell, with emissions from energy, information technology, real estate and utilities all falling more than 2%.

ECONOMIC NEWS: The Commerce Department report showed retail sales rose 0.3% in August after a revised 0.4% decline in July.

The latest Labor Department report showed import prices fell 1% in August after falling 1.5% in July. The report also showed export prices fell 1.6% in August after falling 3.7% in July.

A separate report released by the Labor Department showed initial jobless claims slipped to 213,000, down 5,000 from the previous week’s revised level of 218,000.

The Federal Reserve also released a report showing that industrial production edged down 0.2% in August after rising a lower-revised 0.5% in July.

Among Indian ADRs, ICICI Bank fell 0.9% to $23.17, Azure Power Global fell 7.2% to $5.42, HDFC Bank fell 1.3% to $66.95 , Tata Motors fell 1.7% to $27.61 and Dr Reddy’s Labs fell 2.3% to $51.71. WNS Holdings fell 2.7% to $83.35, Wipro lost 0.8% to $5.07 and INFOSYS fell 1.6% to $17.79.

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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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