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As on : 08-Oct-2024

Market Commentary - Foreign Markets
08-Oct-2024 15:02

US stocks fall, DOW dips around 1%

The US stocks eased on Monday amid easing prospects of aggressive rate cuts by the Federal Reserve following a much higher than addition in US non-payroll employment in the month of September. The major averages all closed notably lower. The Dow fell 398.51 points or 0.94 percent to 41,954.24, the S&P 500 closed down 55.13 points or 0.96 percent at 5,695.94, while the Nasdaq recorded a more pronounced drop, falling by 213.95 points or 1.18 percent to settle at 17,923.90. Market is now awaiting earnings announcements from major banks, and some crucial economic data, including readings on consumer price and producer price inflation. On the geopolitical front, Israeli defense forces intensified air strikes targeting Gaza and the Lebanese capital of Beirut simultaneously on the first anniversary of Hamas' cross-border attack in Israel, which triggered the Middle East war.

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