The US markets closed lower on Wednesday, with Dow breaking its 5-day winning streak, as investors turned cautious amid a selloff of small and high-growth companies. On the economy front, US wholesale prices climbed a seasonally adjusted 0.6% in April, marking the second straight big gain in a government index that underwent a major overhaul at the start of the year. Excluding the volatile categories of food, energy and trade, core wholesale prices rose a smaller 0.3% last month. The price of goods jumped 0.6% in April as the wholesale cost of food and gasoline rose. The price of services also increased 0.6%. Personal consumption, a new index designed to foreshadow changes in the consumer price index, surged 0.7% in April. Over the past year overall producer prices have risen an unadjusted 2.1%, up from 1.4% in March and just 0.9% in February.
The Dow Jones Industrial Average was down by 101.47 points or 0.61 percent, to 16,613.97, the Nasdaq Composite lost 29.54 points or 0.72 percent, to 4,100.63 and the S&P 500 dropped 8.92 points or 0.47 percent, to close at 1,888.53.
The Indian ADRs closed mostly in red on Wednesday; Dr. Reddy’s Lab was down 2.14%, HDFC Bank was down 0.19% and Wipro was down by 0.13%. On the other hand, Tata Motors was up 0.52% and Infosys was up 0.12%.