US markets extended their losses on Friday with the major averages pulled back further off Wednesday’s highs. Profit taking mainly contributed to the weakness on Wall Street, while a drop in global bond yields also weighed on the markets, as sovereign debt yields from Japan to Germany hit record lows, reflecting trepidation ahead of next week's Federal Reserve meeting as well as Britain's referendum later this month on whether to stay in the European Union.
On the economic front, the University of Michigan released a report showing a modest drop in consumer sentiment in the month of June. The report said the preliminary reading on the consumer sentiment index for June edged down to 94.3 compared to the final May reading of 94.7. Economists had expected the index to dip to 94.0. The modest decrease by the consumer sentiment index came after it reached its highest level since June of 2015 last month.
The Dow Jones Industrial Average declined by119.85 points or 0.67 percent to 17,865.34, the Nasdaq tumbled 64.07 points or 1.29 percent to 4,894.55 and the S&P 500 ended lower by 19.41 points or 0.92 percent to 2,096.07.
Indian ADRs ended mostly in red, HDFC Bank was down by 0.85%, ICICI bank was down by 0.27%, Tata Motors was down by 1.05% and Infy ended lower by 0.15%.