Market Commentary - Foreign Markets
US equities end lower; Fed signals awaited As on : 21-Aug-24  12:11

US equities ended in the negative terrain on Tuesday with all eyes on US Federal minutes for cues on future rate cuts. Later in the week, remarks by Fed Chair Jerome Powell and other Fed officials at the Jackson Hole Economic Symposium are also likely to attract attention. The major averages on the Wall Street finished the session well off their worst levels of the day but still in the red. The Dow dipped 61.56 points or 0.2 percent to 40,834.97, the Nasdaq fell 59.83 points or 0.3 percent to 17,816.94 and the S&P 500 slipped 11.13 points or 0.2 percent to 5,597.12.

Energy and material stocks were among the worst performers, while health and consumer staples gained the most. In corporate news, Lowe's fell 1.2% after missing revenue expectations and lowering its profit outlook, despite beating Q2 profit estimates. Boeing dropped 4.2% after grounding its 777x test fleet due to structural cracks. Meanwhile, Palo Alto Networks surged 7.1% on strong Q4 results and upbeat guidance, and Eli Lilly gained 3%.

US treasuries extended the upward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, decreased by 4.9 basis points to 3.818 percent. The dollar index is trading below 102 mark on Wednesday morning in Asia as investor await further cues from the Federal Reserve for clarity on timing and magnitude of interest rate cut.

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