US Stocks Ended Lower on Wednesday, European Markets Decline.
London, Wednesday, 8 June 2022
US Markets Summary
Stocks in the United States fell on Wednesday, with the S&P 500 and Dow Jones Industrial Average giving up gains following two days of advances.
On Wednesday, the S&P 500 lost more than 1%, while the Dow and S&P 500 both lost more than 0.7 percent. The Russell 2000, a small-cap index, was the day's largest loser, tumbling more than 1.5 percent to session lows. All three major averages started the week on a positive note, with increases on Monday and Tuesday.
The benchmark 10-year Treasury yield resumed its ascent above 3%, with West Texas intermediate crude oil prices (CL=F) rising beyond $122 per barrel to hit their highest level since February.
Main moves at closing of trading (4:02 p.m. ET) on Wednesday
· S&P 500 (^GSPC): -44.96 (-1.08%) to 4,115.72
· Dow (^DJI): -269.76 (-0.81%) to 32,910.38
· Nasdaq (^IXIC): -88.96 (-0.73%) to 12,086.27
· Crude (CL=F): +$3.02 (+2.53%) to $122.43 per barrel
· Gold (GC=F): +$3.50 (+0.19%) to $1,855.60 per ounce
· 10-year Treasury (^TNX): +5 bps to yield 3.0290%
(Source: Yahoo Finance)
European Markets Summary
On Wednesday, European equities declined for a second day, with the STOXX 600 and the DAX 30 shedding 0.7 percent and 0.8 percent, respectively, led down by industrials and financials stocks. As a result of market volatility, the crisis in Ukraine, and monetary policy tightening, Credit Suisse issued a profit warning and is expected to make a loss this quarter.
Investors are abstaining from initiating new positions ahead of the ECB meeting on Thursday, owing to persisting concerns that increasing inflation and higher interest rates could pull the bloc's economy into recession. Market players have steadily upped their bets on a rate hike in July following a higher-than-expected Eurozone inflation estimate last week.
(Written and edited by: The Decision Maker)