US markets suffer biggest drop since Brexit; Disney, Nike, McDonalds end lower 

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New Delhi | Updated: September 10, 2016 12:40:25 PM

The Dow Jones Industrial Average index cracked nearly 395 points on Friday after hawkish comments from Federal Reserve officials dampened US equity and bond markets.

Back home, domestic benchmark indices BSE Sensex and NSE Nifty tumbled 248 points and 85.80 points to 28,797.25 and 8866.70 on Friday on the back of profit booking and feeble global cues.(Reuters)Back home, domestic benchmark indices BSE Sensex and NSE Nifty tumbled 248 points and 85.80 points to 28,797.25 and 8866.70 on Friday on the back of profit booking and feeble global cues.(Reuters)

The Dow Jones Industrial Average index cracked nearly 395 points on Friday after hawkish comments from Federal Reserve officials dampened US equity and bond markets. US markets witnessed the biggest fall on Friday since Britain decided to leave the European Union. On June 24, the index tumbled 610.32 points, or 3.39 per cent, to 17,400.75.

On September 9, Dow Jones Industrial Average index shed 394.46 points, or 2.13 per cent, to 18085.45. All the 30-components of the index also ended the day in red with Verizon plunging the most — 3.32 per cent, followed by Boeing (down 3.29 per cent), Caterpillar (down 3.29 per cent), Coca-Cola (down 3.12 per cent), General Electric (down 3 per cent). Pfizer, Procter & Gamble, Disney, Nike and McDonald’s slid 1.79 per cent, 1.77 per cent, 1.75 per cent, 1.50 per cent and 1.37 per cent, respectively.

Nasdaq Composite index shed 133.57 points, or 2.54 per cent to 5125.91. Post Brexit, the index lost 202.06 points, or 4.12 per cent, to 4,707.98 on June 24. S&P 500 index also dipped 53.49 points, or 2.45 per cent, to 2127.81 on Friday.

The sell-off witnessed in US markets on Friday after Boston Fed President Eric Rosengren said the Fed faced increasing risks if it waited too long to raise rates again.

Back home, domestic benchmark indices BSE Sensex and NSE Nifty tumbled 248 points and 85.80 points to 28,797.25 and 8866.70 on Friday on the back of profit booking and feeble global cues.

On the upcoming trading session of domestic equity markets, Vijay Singhania, founder-director, Trade Smart Online, said, “Macroeconomic data, progress of monsoon rains and trends in global markets will dictate trend on the stock markets in a truncated trading week ahead. Indian stock market will remain close on Tuesday on account of Bakri Id. Initially on Monday, the markets will react to the industrial output data for July 2016, which was announced after market hours last Friday.”

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