US markets end deeply in red on Wednesday

19 Jan 2023 Evaluate

The US markets ended deeply in red on Wednesday, with Dow Jones settling over one and half percent, as traders reacted to a slew of U.S. economic data, including a Commerce Department report showing a steep drop in U.S. retail sales in the month of December. The Commerce Department said retail sales tumbled by 1.1 percent in December after slumping by a revised 1.0 percent in November. Street had expected retail sales to decrease by 0.8 percent compared to the 0.6 percent drop originally reported for the previous month. A separate report released by the Federal Reserve showing industrial production in the U.S. decreased by much more than expected in the month of December. The Fed said industrial production slid by 0.7 percent in December after falling by a revised 0.6 percent in November. Street had expected industrial production to edge down by 0.1 percent compared to the 0.2 percent dip originally reported for the previous month.

However, the initial strength on markets came after a report from the Labor Department showed U.S. producer prices fell by more than expected in the month of December. The Labor Department said its producer price index for final demand declined by 0.5 percent in December after inching up by a revised 0.2 percent in November. Street had expected producer prices to edge down by 0.1 percent compared to the 0.3 percent increase originally reported for the previous month. The report also showed the annual rate of producer price growth slowed to 6.2 percent in December from 7.3 percent in November. The year-over-year growth was expected to slow to 6.8 percent. On the sectoral front, Oil service stocks moved sharply lower over the course of the session, dragging the Philadelphia Oil Service Index down by 3.2 percent. The index ended the previous session at its best closing level in over three years. The pullback by oil service stocks came amid a decrease by the price of crude oil, with crude for February delivery falling $0.70 to $79.48 a barrel.

Dow Jones Industrial Average fell 613.89 points or 1.81 percent to 33,296.96, Nasdaq declined 138.1 points or 1.24 percent to 10,957.01 and S&P 500 was down by 62.11 points or 1.56 percent to 3,928.86.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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