At the close of trade, the Dow Jones Industrial Average index stumbled 461.68 points, or 1.34%, to 34,022.04. The S&P500 index retreated 53.96 points, or 1.18%, to 4,513.04. The tech-heavy Nasdaq Composite Index tanked 283.64 points, or 1.83%, to 15,254.05.

Total volume turnover on U.S. exchanges stood at 12.07 billion shares, down from yesterday's 14.12 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 2415 to 987 and 135 closed unchanged. In the NASDAQ, 1179 issues advanced, 3532 issues declined, and 199 issues unchanged.

Total 10 of 11 S&P500 sectors ended down, with communication services (down 1.98%) was worst performing sector, followed by consumer discretionary (down 1.86%), industrials (down 1.43%), real estate (down 1.34%), and information technology (down 1.26%) sectors.

ECONOMIC NEWS: US Construction Spending Inched Up 0.2% In October-US construction spending inched up by 0.2% to an annual rate of $1.598 trillion in October after edging down by 0.1% to a revised rate of $1.595 trillion in September, Commerce Department reported on Wednesday. The modest increase in construction spending came as spending on public construction jumped by 1.8% to an annual rate of $353.0 billion. Spending on highway construction surged up by 2.4% to a rate of $102.5 billion, while spending on educational construction crept up by 0.2% to a rate of $82.2 billion. Meanwhile, the Commerce Department said spending on private construction dipped by 0.2% to an annual rate of $1.245 billion. Spending on residential construction fell by 0.5% to a rate of $774.7 billion, more than offsetting a 0.2% uptick in spending on non-residential construction to a rate of $470.3 billion.

Emergence Of Omicron Could Slow Labor Market And Further Intensify Supply-Chain Disruptions, Fed's Beige Book Notes - The Fed Chair Jerome Powell noted during Congressional testimony that the emergence of the Omicron variant of the coronavirus could slow progress in the labor market and further intensify supply-chain disruptions. The Fed noted that several districts experienced strong demand, but growth was constrained by supply chain disruptions and labor shortages. US economic activity grew at a modest to moderate pace during October and early November, according to the Federal Reserve's Beige Book. The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, was released Wednesday afternoon, two weeks ahead of the next monetary policy meeting.

The Beige Book said consumer spending increased modestly during the period, although low inventories held back sales of some items, notably light vehicles. Meanwhile, the report said leisure and hospitality activity picked up in most districts as the spread of the Delta variant ebbed in many areas. While materials and labor shortages limited expansion, the Fed said manufacturing growth was also solid across the districts.

The Beige Book also said employment growth ranged from modest to strong across, as contacts reported robust demand for labor but persistent difficulty in hiring and retaining employees. With regard to inflation, the Fed said wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges, and labor market tightness led to widespread price hikes.

Among Indian ADR, WNS Holdings fell 0.9% to $83.1, Wipro dropped 1.29% to $8.43, INFOSYS sank 0.62% to $22.44, Azure Power Global declined 2.82% to $20.02, and Dr Reddys Labs fell 1.47% to $61.52. HDFC Bank added 1.27% to $66.30, ICICI Bank added 0.33% to $18.52, and Tata Motors rose 2.42% to $31.28.

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