Provided by Dow Jones
By Joe Wallace U.S. stock futures edged lower Tuesday as investors awaited Federal Reserve Chairman Jerome Powell s testimony in Congress on the health of the economy. Futures tied to the S&P 500 ticked down 0.1%. The benchmark stocks gauge on Monday fell for a fifth consecutive day, its longest losing streak since last February. Contracts for the Nasdaq-100 retreated 0.6%, suggesting technology stocks will continue to lead the market lower. A sharp rise in yields on U.S. government bonds in recent days has sapped investors appetite for riskier assets, including stocks. Shares in technology companies, which have powered the broader market higher for much of the past year, are seen as particularly vulnerable. That is because many tech companies valuations are tied to their future earnings potential. Those profits are less valuable in today s terms when investors apply a higher discount rate.
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The BSE Sensex ended almost flat, while the 50-unit Nifty ended with minor gains after a volatile session on Tuesday. Metal and realty shares advanced while banks shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 7.09 points or 0.01% to 49,751.41. The Nifty 50 index added 32.10 points or 0.22% to 14,707.80.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98%. The S&P BSE Small-Cap index gained 0.74%.
Buyers outpaced sellers. On the BSE, 1681 shares rose and 1239 shares fell. A total of 161 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 11,17,25,784 with 24,74,350 deaths. India reported 1,47,306 active cases of COVID-19 infection and 1,56,463 deaths while 1,07,12,665 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Wall Street is increasingly concerned that a wave of spending when the economy reopens could cause prices to spike, spoiling the financial market party that's been raging since last March.
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