Equity Alert
US mkts end dn on worry over low spending, high inflation view
This story was originally published at 08:10 IST on 8 October 2025
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Equity Alert: US mkts end down on worry over low spending, high inflation view
MUMBAI--0746 IST--Indices in the US closed lower Tuesday and the S&P 500 index snapped its seven-session winning streak. Market participants focussed on consumer expectations survey from the New York Federal Reserve which showed rising inflation projections and a deterioration in future expectations. Shares of Oracle fell on media reports that its cloud business margins were sharply lower than the company's overall margins.
The New York Fed consumer expectations survey found that as of September, households reported a cutback in future spending expectations due to mixed views on earnings and income levels. The expected level of inflation a year from now stands at 3.4%, the report said. The report was given importance amid a data blackout from the US government, which extended its shutdown to the seventh day.
"The New York Fed report probably gave traders an excuse to take some profits, since the S&P had been up for seven days in a row...there is an awful lot of uncertainty the longer the government remains shut down because of the absence of any economic data," Sam Stovall, chief investment strategist of CFRA Research in New York, was quoted by Reuters as saying.
Shares of Oracle fell 2.5% and the company led the decline in technology stocks. The Information reported that Oracle is generating much lower margins on its cloud business than analysts currently estimate and that it was losing money on some of its deals for rental of Nvidia chips. A fall in shares of index heavyweights Nvidia, Microsoft, Apple, and Meta Platforms pulled the S&P 500 down.
Shares of Tesla fell 4.5?ter the electric carmaker unveiled its low-cost Model Y, which will be priced under $40,0000. Shares of Advanced Micro Devices extended their previous session gains and advanced almost 4?ter the brokerage Jefferies upgraded the stock rating to 'buy' and other brokerages hiked their price targets the day after the chipmaker's supply deal with OpenAI bolstered the tech rally, a Reuters report said.
US Senate for a fifth time, Monday, failed to pass a bill that would have funded the government through Nov. 21. The uncertainty around the government shutdown drove investors to hedge on riskier bets and move into safe-haven assets, leading gold futures to hit $4,000 per ounce for the first time, a CNBC report said.
Following are the closing levels of US indices Tuesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6714.59 |
(-)0.38 |
|
NASDAQ Composite |
22788.36 |
(-)0.67 |
|
Dow Jones Industrial Average |
46602.98 |
(-)0.2 |
(Eshitva Prakash)
End
US$1 = INR 88.77
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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