Indian indices on Thursday bounced back after slipping into the red for a brief while in noon trade, ending the session 0.9% higher. A fall in crude oil prices alleviated inflation concerns as investors scooped up auto stocks after recent declines. European stocks opened lower on Thursday while Asian markets gained after the Federal Reserve chairman said a recession is possible as the US central bank raises interest rates to cool surging inflation. Shares rose in Japan, Australia, Hong Kong, and Shanghai, while it fell in South Korea.
Sensex jumps 443 pts, Nifty ends above 15,550; Auto, realty, IT stocks shine
Indian indices on Thursday closed higher, led by IT and auto stocks, while a fall in oil prices boosted domestic sentiment.
The Sensex gained 443.19 points, or 0.86%, to close at 52,265.72, while Nifty50 rose 143.35 points to end at 15,556.65. Sectorally, realty, IT, auto, and telecom were the top performers, while energy and oil & gas dragged.
On the 30-stock index, Maruti, M&M, Airtel, and Asian Paints were the top performers, while Reliance, PowerGrid, NTPC were the biggest losers.
On the Nifty50 index, Maruti, Hero MotoCorp, M&M and Eicher Motors registered the biggest gains, while Reliance, PowerGrid, and Coal India were the biggest laggards.
Fall in onshore forward premiums could push India rupee even lower
A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said.
The one-year annualised forward premium stood at 2.91% at 0830 GMT, compared to its close of 2.82% on Wednesday. It had touched a low of 2.80% in the previous session, its lowest level since Nov. 25, 2011.
Bombay HC dismisses Dish TV plea on Yes Bank’s voting rights
A division bench of the Bombay High Court on Thursday rejected a petition by World Crest Advisors LLP, Dish TV India Ltd’s promoter group firm, asking the court to restrain Yes Bank Ltd from voting at the company’s extraordinary general meeting (EGM) on 24 June.
Prabhudas Lilladher sees big upside as mid-cap stock rebounds from 52-week low
PI Industries shares have bounced back strong after hitting fresh 52-week low of ₹2,333.55 apiece on NSE in May 2022. PI Industries share price today is around ₹2530 per share levels that means the stock has delivered around 9 per cent upside swing after hitting its 52-week low. Prabhudas Lilladher is expecting more rise in the counter as its research report claims that the counter may go up to ₹3340 apiece levels in long term. As the scrip is trading around 2530 levels, brokerage is expecting near 30 per cent upside in the counter in long term time horizon.
Multibagger stock: Small-cap share hits upper circuit on 13th straight session
Multibagger stock in 2022: United Polyfab Gujarat Ltd is a small-cap textile company listed at NSE SME exchange. It is one of the multibagger stocks in 2022 as the stock has surged from ₹18.20 to ₹50.25 apiece levels in YTD time, recording around 175 per cent rise this year. This multibagger textile stock has been hitting upper circuit since 7th June 2022. United Polyfab Gujarat Ltd share price today opened around 5 per cent upside hitting upper circuit for 13th successive session.
Nexon EV fire incident: Tata Motors says detailed investigation underway
Tata Motors on Thursday said it is investigating the incident of a Nexon electric vehicle catching fire in Mumbai.
Responding to the incident that has been widely shared on social media, Tata Motors in a statement said, "A detailed investigation is currently being conducted to ascertain the facts of the recent isolated thermal incident that is doing the rounds on social media."
Further, it said, "We will share a detailed response after our complete investigation. We remain committed to the safety of our vehicles and their users."
The company asserted, "This is a first incident after more than 30,000 EVs have cumulatively covered over 100 million km across the country in nearly 4 years."
Domestic tourism to be key growth driver for hospitality industry: Report
The hospitality sector is well poised to put the pandemic’s destruction behind it with the demand outlook improving and amid the large-scale infrastructure push by the government, found a new report.
Midcap pharma stock falls on record date of bonus shares issue
Shares of Ajanta Pharma plunged about 2% to ₹1,197 apiece on the BSE in Thursday's trading session on the record date of its bonus shares issue. The pharma stock started trading ex-bonus on Wednesday, June 22.
Corporate profit to GDP ratio at decade high in 2022: Motilal Oswal
The corporate profit to Gross Domestic Product (GDP) ratio rebounded to a decade high of 4.3 per cent and 4.5 per cent for the Nifty-500 universe and listed India companies, respectively, brokerage house Motilal Oswal Financial Services said in a report.
The recovery was driven by the expansion in the economy, after a Covid-led contraction in 2021, while corporate profit rose at a faster rate of 48 per cent year-on-year for the Nifty 500 companies.
"The growth in profit, however, was hardly broad-based and driven only by three sectors: BFSI, oil and gas (O&G), and metals. More than half of the incremental growth was steered by BFSI, underpinned by a modest revival in credit growth and improvement in asset quality trends," it said.
Notably, India's corporate profit, listed and unlisted companies combined, to GDP ratio fell to 2.2 per cent from 7.8 per cent during 2008-20 period, the report said.
Sensex bounces back, trades over 400 points higher; Maruti, Asian Paints, Airtel lead rally, RIL drags
Tokyo stocks close flat
Tokyo stocks closed flat on Thursday as investors eyed signs of growing economic activity in Japan after the easing of pandemic restrictions.
The benchmark Nikkei 225 index ended up 0.08 percent, or 21.70 points, at 26,171.25, while the broader Topix index was down 0.05 percent, or 0.91 points, at 1,851.74.
Although the Tokyo market started with gains led by blue-chip exporters, market sentiment "lacked the appetite for further active buying", said Mamiko Katayama, a Daiwa Securities strategist.
Markets fluctuate, oil falls again as recession warnings build
Asian markets mostly rose Thursday on bargain buying after the previous day's battering, though oil extended losses after US Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation.
Soaring prices and the battle by central banks to rein them in have sent a chill through global trading floors this year, while investors are also having to deal with the uncertainty wrought by the Ukraine war and patchy pandemic recovery.
Commentators have warned for some time that the world economy could be heading for another contraction owing to the sharp increase in borrowing costs and rampant inflation, which is at decades highs in several countries.
Oil falls as investors eye recession risks
Oil prices continued to retreat on Thursday as investors reassessed the risks of recession and the impact of interest rate hikes in major economies on fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell $1.4, or 1.3%, to $104.78 a barrel by 0643 GMT. Brent crude futures fell $1.3, or 1.2%, to $110.40.
Both benchmarks tumbled by as much as $3 a barrel in early morning Asian trade, after plunging around 3% in the previous session. They are at their lowest levels since mid-May.
Australian shares end higher as banks, tech gain
Australian shares ended higher on Thursday as gains in financial and technology stocks outweighed losses in mining and energy sectors, while investors assessed the risk of a global recession amid a string of rates hikes to stamp out inflation.
The S&P/ASX 200 index ended 0.31% higher at 6,528.4.
Prabhudas Lilladher on P.I. Industries
Rating: BUY | CMP: Rs2,485 | TP: Rs3,340
We interacted with senior management of PI Industries (PI) to take an update on the business and outlook ahead. Key highlights: (a) The company remains confident on achieving growth guidance of 18-20% YoY for FY23 in both exports and domestic segment (supported by lower base of last year); (b) remunerative commodity prices bode well for domestic market; (c) delayed monsoons have an impact on placements; however, remains hopeful of monsoon revival; (d) to launch 5-6 products in domestic market in FY23; (e) CSM business continues to be the shop stopper with mix changing to 80:20 for Agri and non-agri, going forward; (f) Pharma acquisition still in evaluation stages; likely to be done in next couple of quarters.
Going forward, PI remains confident on the core business and its growth guidance with margins likely to improve from current levels, primarily led by strong enquiries in CSM business and new launches in domestic segment. We believe, the stock has corrected ~35% from its recent highs, thus providing a good entry point with strong earnings visibility in its core business. We broadly maintain FY23/FY24 EPS. We expect PI to report revenue/PAT CAGR of 18%/ 23% (FY11-22, 20%/26%) over FY22-24E. Maintain ‘BUY’ with unchanged TP of INR3,340 based on 40xFY24 EPS.
India aims to keep FY2023 fiscal deficit at last year's level - sources
India's government will not be able to cut its budget deficit this fiscal year as previously projected, officials said, but will seek to cap the shortfall at last year's level to prevent a major deterioration in public finances.
Efforts to maintain some fiscal discipline reflect New Delhi's concern around risks to its sovereign credit rating but will likely limit the government's firepower to contain inflation and provide relief to households and businesses.
In February, Prime Minister Narendra Modi's government set a fiscal deficit target of 6.4% of gross domestic output (GDP) for the year that started on April 1, compared with a deficit of 6.7% last year.
The sources said that while increased spending to provide relief from inflation meant the government would miss this year's target, policymakers would seek to limit the deviation to 30 basis points.
European stocks fall as oil, metal prices extend losses
European shares fell on Thursday, dragged down by energy and mining stocks due to sliding commodity prices on worries about slowing economic growth, with several broker calls also spurring big moves in stocks.
The continent-wide STOXX 600 index dropped 1.1% by 0724 GMT, with oil & gas stocks slipping 1.8% as crude prices fell almost 2%.
Miners shed 2.2% as copper and other metals extended recent declines on growing fears about a recession.
Gold dips after US Fed chief pledges to keep up inflation fight
Gold prices eased on Thursday, pressured by expectations of aggressive interest rate increases after the U.S. Federal Reserve chief doubled down on the central bank's fight against inflation.
Spot gold fell 0.2% to $1,834.33 per ounce by 0733 GMT. U.S. gold futures eased 0.1% to $1,835.60.
Cryptocurrency Polygon's price rallies 27% in 24 hours. Here's why
Cryptocurrency Polygon (Matic) price today rallied over 27% to $0.50 in the last 24 hours, as per CoinGecko, with the digital token up 15% in the past seven days. Polygon, which had hit an all time high of $2.92 on Dec 27, 2021, has fallen about 80% in 2022 (YTD) so far.
Sectoral indices at 1:00 pm: Auto, pharma rally, oil & gas, metals, banks drag
Sensex gives up nearly 700 points, trades marginally in the red; PowerGrid, Reliance, Bajaj Finance drag
GST Council to consider rate change on only a handful of items in meet next week
The GST Council, which is scheduled to meet next week, will take up changes in tax rates on only a handful of items where the fitment panel has recommended a revision, as per the agenda document reviewed by Mint.
Edelweiss sees 30% upside in this healthcare stock. Should you buy?
Max Healthcare shares have been under sell-off heat for near 6 months. After climbing to 52-week high in December 2021, Max Healthcare share price has remained a bears' favourite 'sell on rise' stock. In YTD time, this healthcare stock has shed near 15 per cent. However, in last one week, this healthcare stock has shown some upside swing that has attracted attention of Dalal Street observers.
Rakesh Jhunjhunwala stock retraces 35% from 52-week high. Should you buy?
Rakesh Jhunjhunwala portfolio: Canara Bank share price has been under sell-off heat throughout this month. The state-owned banking stock is currently quoting around ₹180 per share, which is ₹92.50 down from its 52-week high of ₹272.80 levels. So, Canara Bank share price today is available at around 35 per cent discount that may attract positional investors looking for quality stocks available at discounted price.
Day trading guide for Thursday
7 stocks to buy or sell today — 23rd June
BSE auto index rises over 3%; Hero MotoCorp, Eicher Motor surge
Bajaj Auto to consider share buyback proposal again after deferring decision
Homegrown motorcycles and three-wheeler manufacturer Bajaj Auto informed that its board will meet next week on Monday, June 27, 2022 to further deliberate on the proposal for buyback of fully paid-up equity shares of the company.
Uber is said to have explored a sale of Indian ride-hailing arm
Uber Technologies Inc. explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, people familiar with the matter said.
The US company began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in the country, the people said, asking not to be named as the information is not public. It pondered a stock swap with local companies or even a pullout, before a global equity market rout upended plans, the people added. A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India, the people said.
Macrotech Developers enters Bengaluru; eyes ₹1,200 cr sales from 1st housing project
Realty major Macrotech Developers Ltd on Thursday announced its entry in the Bengaluru market and has formed a joint venture to develop its first housing project with an estimated sales bookings value of ₹1,200 crore.
In a regulatory filing, Macrotech Developers said it will acquire 100 per cent equity of G Corp Homes to make foray into the Bengaluru market.
Macrotech Developers, which markets its properties under Lodha brand, has a significant presence in Mumbai Metropolitan Region and Pune.
Tata Steel plans low CO2 steel-making technologies in UK, Netherlands
Tata Steel is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands in line with company's goal to produce CO2-neutral steel by 2050 in Europe.
Vodafone Idea defers ₹8,837 cr AGR dues payment, gets option to pay interest via equity
Debt-ridden telecom operator Vodafone Idea has decided to defer payment of additional adjusted gross revenues of ₹8,837 crore dues by a period of four years.
The company in a late night filing on June 22, said that the DoT on June 15, has raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues.
Vodafone Idea (VIL) in the filing said that its board of directors "has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect, in accordance with the said DoT Letter. The amount of the AGR related dues as stated in the said DoT Letter is ₹8,837 crores which is subject to revision on account of disposal of various representations".
Indian shares rebound as inflation worries ease, auto stocks gain
Indian shares rose 1% on Thursday, as a fall in crude oil prices alleviated concerns about imported inflation, and investors scooped up auto stocks after recent declines.
The NSE Nifty 50 index rose 1% to 15,576.1 by 0515 GMT, while the S&P BSE Sensex also climbed 1% to 52,340.81. Both indexes had fallen 1.4% on Wednesday.
Irdai mulling to extend testing period under regulatory sandbox mechanism to 3 yrs
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years.
The Irdai Chairman said all these initiatives will help in furthering the goal of insurance penetration and reaching out to more and more people.
A sandbox is an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing regulations.
Happiest Minds shares turn ex-dividend today. Details here
Dividend paying stock: Happiest Minds shares are going to turn ex-dividend stock today as the board of directors of the mid-cap IT company has fixed 24th June 2022 as record date for dividend payment. The IT major has announced 100 per cent final dividend for its shareholders for the financial year 2021-22. This final dividend is subject to the approval of the members at the ensuing Annual General Meeting of the Company (AGM).
Gujarat Gas shares hit 52-week low today. Motilal Oswal says 'Buy', sees strong upside
Shares of Gujarat Gas plunged to 52-week low level of ₹403 apiece on the BSE in Thursday's early deals. Domestic brokerage and research firm Motilal Oswal is bullish on Gujarat Gas shares while retaining the stock as its top pick in the sector.
Multibagger Ashish Kacholia stock rises 3200% in two years. ₹1 lakh turns to ₹33 lakh
Multibagger stock: Despite global economy reeling under pressure for more than last two years, Xpro shares have delivered staggering return to its shareholders in last two years. Such shareholders of the company includes 'Big Whale' Ashish Kacholia as well. The market magnet holds 4,21,616 Xpro India shares or 3.57 per cent stake in the company. In last two years, Xpro India share price has surged from around ₹31 to ₹1030 apiece levels, recording around 3200 per cent rise in this period. It is one of the multibagger stocks that Indian stock market has produced in last one year as it has delivered more than 450 per cent return in last one year.
Nifty50: Bank index rises over 1.5%; IDFC First, AU Bank, ICICI Bank top performers
Nifty50 in early trade: Auto stocks lead rally, PowerGrid slumps
Sectoral indices: Nifty50 rises over 1.7% in early trade
Current account slips into deficit, at 1.2% in FY22 on wider trade gap
Wider trade deficit driven by higher imports of goods led to India's current account slipping into deficit, at 1.2% of GDP for FY22 against a surplus of 0.9% of GDP in FY21.
In absolute terms, the deficit for FY22 came at $38.7 billion as against a surplus of $24 billion in the year-ago period, data released by the RBI showed.
Current account balances are generally taken as a key representative of a country's external strength, and a widening in the past had led to rupee depreciation and also actions by rating agencies on the sovereign rating.
RIL share price correction a buying opportunity: Jefferies
Shares of Reliance Industries have corrected about 12% from its recent high. Multi year-low inventories, declining Russian exports, muted Chinese exports, lower diesel production in Europe and delays in commissioning of ME refineries are, in global brokerage Jefferies' view, tailwinds to refining margins in CY22.
Rupee recovers from record low, inches higher by 9 paise against US dollar in early trade
Recovering from its record low, the rupee inched higher by 9 paise to 78.23 against the US dollar in early morning trade on Thursday.
At the interbank foreign exchange, the rupee opened at 78.26 against the American dollar, then inched higher to quote at 78.23, registering a rise of 9 paise from the previous close.
On Wednesday, the rupee declined by 19 paise to settle at an all-time low of 78.32 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 104.14.
Markets bounce back in opening session after sharp fall in previous trade
Equity indices made a firm opening on Thursday after falling sharply in the previous trade, with BSE Sensex climbing 504.94 points amid mixed trends from global markets.
The 30-share BSE Sensex was trading with a gain of 504.94 points at 52,327.47. The NSE Nifty went up by 163.70 points to 15,577.
From the Sensex pack, Bharti Airtel, Wipro, Maruti, TCS, Larsen & Toubro and IndusInd Bank were the major gainers in early trade.
BSE indices in early trade: All in the green, Sensex gains close to 500 points
BSE index contribution in early trade
Gold dips after Fed chief reaffirms inflation fight
Gold prices inched lower on Thursday, pressured by expectations of aggressive interest rate hikes after the U.S. Federal Reserve chief doubled down on the central bank's fight against inflation.
Spot gold was down 0.2% at $1,832.91 per ounce by 0239 GMT. U.S. gold futures fell 0.2% to $1,834.30.
All the BSE Sensex stocks in the green; Maruti, Airtel, ICICI Bank rise over 2% each
Bitcoin lingers around $20,000 again as risk-off mood remains
Bitcoin traded once again around the $20,000 level, underperforming stocks amid lingering concerns of a greater shakeout in the crypto market.
The largest cryptocurrency declined as much as 4.8% to $19,832, before settling in around $20,000 as of 3:11 p.m. in New York. Ether fell by a maximum 6.1% to $1,053. Solana, Cardano, Polkadot and Dogecoin all declined.
Stocks waver in Asia, oil slides on growth worries
Asian stocks wavered Thursday, Treasuries held a rally and oil sank as investors parsed the economic outlook after Federal Reserve Chair Jerome Powell acknowledged the risk of a recession.
An Asian share index was steady, with a report that Hong Kong’s incoming leader John Lee is working on a strategy to reopen the city’s borders helping sentiment. US and European futures were in the red.
Treasuries were little changed after jumping in the Wall Street session, leaving policy-sensitive two-year yields at about 3.06%. Bonds jumped in Australia and New Zealand. The dollar and the yen inched higher.
In commodities, oil dropped 3% to under $103 a barrel, sapped by fears over the demand outlook. A raw-materials index is at the lowest since March.
RBI looks to have boosted forwards intervention in Rupee fight
India’s central bank appears to have ramped up intervention in the forwards market to slow the rupee’s decline and preserve its hard-earned reserves.
The Reserve Bank of India has run down its forward-dollar book by $12 billion to $15 billion from about $64 billion at the end of April, according to estimates by DBS Bank Ltd. Standard Chartered Plc. said the authority has significantly intervened through forwards.
The move shows the central bank is pulling out all the stops to curb losses in the currency, which set a series of record lows this month and threatens to further accelerate inflation. The RBI’s intervention strategy has caused dollar-rupee one-year annualized forward premiums to fall below 3% for the first time in a decade, according to Standard Chartered.
Crude oil hit again as recession angst rips through commodities
Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning that a US recession is possible.
West Texas Intermediate sank toward $103 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15% since the close on June 8 as the drumbeat of warnings over the state of the world’s economy has grown steadily louder, drowning out signs the oil market remains tight.
Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price hikes were “clearly" connected to the war in Ukraine, he said. Crude’s retreat has been accompanied by deep losses in other raw materials, especially base metals such as copper.
Copper drops to 16-month low as economic slowdown fears mount
London copper prices dropped to a 16-month low on Thursday, as worried mounted that a rise in Covid-19 cases in key consumer China and aggressive U.S. interest rate hikes would tip the global economy into recession and slow metals demand. Three-month copper on the London Metal Exchange was down 1.7% at $8,628.50 a tonne, as of 0330 GMT, after dropping to its lowest since Feb. 19, 2021 at $8,564.50 earlier in the session. The most-traded July copper contract in Shanghai slipped 2.9% to 66,030 yuan ($9,848.02) a tonne by the midday break, hitting its lowest since late-August.
Nifty50 jumps above 15,500; Hero MotoCorp, Bajaj Auto, Airtel gain
5 sugar stocks retrace up to 60% from 52-week highs. Right time to accumulate?
Sugar stocks have been nosediving for near one month after Government of Indian (GoI) levied excise duty on sugar export. Quality sugar stocks like Dhampur Sugar Mills, Mawana Sugars, Dwarikesh Sugar Industries, Shree Renuka Sugars, EID Parry, etc. have corrected heavily from its respective 52-week high.
Sensex opens around 200 points higher
Sensex at pre-open: Jumps 150 points; Airtel rises over 1%
US Fed chair admits recession a 'possibility' after rate hikes
The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.
Powell, whose testimony before senators was closely watched by investors and analysts, also said the world's largest economy faces an "uncertain" global environment and could see further inflation "surprises."
The Fed chair again stressed that policymakers understand the hardships caused by rising prices and are committed to bringing down inflation, which has reached a 40-year high.
Last week, the US central bank announced the sharpest interest rate increase in nearly 30 years and promised additional similar moves to combat the price surge, with gas and food costs skyrocketing and millions of Americans struggling to get by.
An early look at June US jobs data suggests pickup, not slump
An early look at the state of the US job market in June from payroll provider UKG suggests some strengthening, even as the Federal Reserve lifts interest rates sharply and economists raise alarms over the likelihood of a recession.
Workforce activity increased slightly in the first two weeks of the month, according to the firm which tracks shift work in real time. It mostly declined during the prior three months.
Particularly notable, the firm said, was an increase in demand for workers in retail, the first such increase since the start of the year.
That could be good news for Fed Chair Jerome Powell. On Wednesday he told US lawmakers the Fed was committed to bringing down too-high inflation, with a plan to raise borrowing costs high enough that demand for labour, goods and services subsides to levels more in line with supply.
Tokyo shares open higher as investors gauge Powell remarks
Tokyo shares opened higher as investors gauged inflation and recession risks after US Fed chair Jerome Powell pointed to the need for further rate hikes.
The benchmark Nikkei 225 index rose 0.22 percent or 58.77 points to 26,208.32 while the broader Topix index added 0.41 percent or 7.62 points to 1,860.27.
Gold ticks lower after US Fed chief reaffirms inflation fight
Gold prices were a touch lower on Thursday, with some support from a weaker dollar and US Treasury yields, after the Federal Reserve's head said the central bank was fully committed to reining in inflation, and would try not to spark a recession in the process. Spot gold was down 0.1% at $1,835.88 per ounce by 0109 GMT. US gold futures also inched 0.1% lower to $1,837.30.
US stocks give up gains and end slightly lower
A choppy day of trading on Wall Street ended with a modest pullback for stocks Wednesday, the latest bout of volatility for the market amid concerns about inflation and uncertainty over whether rising interest rates will help or hinder the economy.
The indexes were on pace for a modest gain before slipping into the red in the final minutes of trading. The S&P 500 dropped 0.1%, with the stocks in the benchmark index about evenly split between gainers and decliners. The Dow Jones Industrial Average gave up 0.2% and the Nasdaq fell 0.1%.
Energy companies helped pull the market lower after the price of U.S. crude oil fell 4%. Technology companies also lost ground, which helped keep gains in health care, real estate and other sectors in check.
Investors closely watched testimony to Congress from Federal Reserve Chair Jerome Powell. He reaffirmed the central bank’s determination to raise interest rates and slow inflation.
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