Wall Street closed with sharp losses on (03/02), led by declines in technology stocks. Meta Plaftorms, the parent of Facebook, fell by 26%; and was a negative sentiment for stocks of other social media companies such as Snap, Pinterest, and Twitter. Investors will await the release of monthly non-farm payroll data, where the consensus projects 150K new job additions.
Domestically, JCI was down 0.35% to 6,683; in line with the decline that occurred in 8 of the 11 sectoral indices. Investors are wary of the upward trend in the number of Covid-19 cases, amid the lack of new supporting catalysts. Towards the end of the week, the benchmark index is likely to move higher within the range 6650 – 6750.
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