US stocks fell yesterday, with the Dow, S&P 500, and Nasdaq all closing in negative territory. Investors ignored (inflation continued to slow) and focused on bad news (weak retail sales and sluggish industrial production data).

In closing trade, the Dow Jones Industrial Average fell 613.89 points, or 1.81%, to 33,296.96. The S&P 500 lost 62.11 points, or 1.56%, to 3,928.86. The tech-heavy Nasdaq Composite dropped 138.10 points, or 1.24%, to 10,957.01.

Some sectors ended lower along with the S&P500 Index. Consumer staples were the worst-performing sector, followed by utilities (down 2.41%), erasing 2.65%, industrials (down 1.84%) and energy (down 1.77%) sectors.

The Commerce Department said retail sales tumbled by 1.1% in the previous month after slumping by a revised 1% in November 2022.

A separate report released by the Federal Reserve showed industrial production in the US decreased by 0.7% in the previous month after falling by a revised 0.6% in November 2022.

Meanwhile, a report from the Labor Department showed US producer prices for final demand fell 0.5% last month after inching up 0.2% in November 2022, as revised. The report also showed that annual growth in producer prices slowed to 6.2% in December from 7.3% in November 2022.

Among Indian ADR, ICICI Bank added 0.62% to $21.23, HDFC Bank was up 2.46% at $68.65, INFOSYS was up 0.43% at $18.75, Wipro added 1.6% to $4.97, and Dr Reddy’s labs added 0.4% to $54.01, WNS Holdings declined 0.7% to $83.41, Tata Motors sank 1.57% at $24.40 and Azure Power Global fell 1.8% to $4.27.