On December 28, 2022, the US stocks dropped the tech-heavy Nasdaq to its lowest closing level in the past two years. Meanwhile, the S&P 500 and the Dow closed significantly below the neutral line.

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In the closing trade, the Dow Jones Industrial Average index slipped 365.85 points, or 1.11%, to 32,875.71. The S&P 500 index fell by 46.03 points, or 1.2%, to 3,783.22. The tech-heavy Nasdaq Composite Index tumbled by 139.94 points, or 1.35%, to 10,213.29.

The Nasdaq has performed the worst of the three indexes, losing 34.7% in 2022, and investors rotated out of growth stocks. The Dow is on track to lose 9.5%, and S&P 500 is on its way to losing 20.6%.

Ten sectors ended lower along with the S&P500 Index. Energy was the worst-performing sector, falling 2.2%, followed by information technology, down 1.6%; materials, down 1.5%; real estate, down 1.6%; communication services, down 1.5%. Meanwhile, Southwest Airlines shares dropped more than 5% as it cancelled flights amid severe winter weather conditions.

Among Indian ADR, Infosys was down 0.4% at $17.96, WNS Holdings added 1.2% to $80.21, Wipro declined 0.2% to $4.57, Dr Reddy’s labs added 1.1% to $51.72, ICICI Bank fell 0.2% to $21.84, HDFC Bank fell 0.3% to $67.55, and Azure Power Global added 0.3% to $4.08.