U.S. market's three major indices close lower amid volatility
CryptoNewsTerminal Staff22 Aug, 2024
U.S. market's three major indices close lower amid volatility
The three major U.S. stock market indices closed lower on Wednesday amid volatility, as investors digested a slew of corporate earnings and economic data. The Dow Jones Industrial Average dropped 1.1%, the S&P 500 lost 1.2%, and the Nasdaq Composite fell 1.3%. The decline came after a choppy session that saw stocks fluctuate between gains and losses. The market opened higher, but quickly gave up those gains as investors grappled with a mixed bag of corporate earnings. Some of the biggest losers on the day were companies that reported disappointing earnings, such as 3M and Caterpillar. The economic data was also mixed. The ADP National Employment Report showed that the private sector added 128,000 jobs in October, which was below expectations. However, the Institute for Supply Management's manufacturing index rose to 59.3 in October, indicating that the manufacturing sector is still expanding. The volatility in the market is likely to continue in the coming weeks, as investors await the Federal Reserve's interest rate decision on November 1. The Fed is expected to raise interest rates by 0.25%, which would be the fourth rate hike this year.
